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You could work it so that for every soul the wizard steals, the devil gives him a certain amount of magical power and he keeps stealing to make sure that the power keeps coming.
You know, this is sort of a theme used in the TV series Legend of the Seeker. No I have not watched it, and yes I’ve heard it is inappropriate, but a good friend loves it, and she and I have discussed some of the fantastical elements of the world and story.
You see, these things called... bainling, I think (good name, by the way), are sent back up to inhabit their dead bodies and begin killing people for The Keeper (Satan, basically). Basically they send the souls of the dead men back to The Keeper by killing them.
I'm not sure if that helps you think of anything for how the souls are stored. I just thought I'd mention it, since it came to mind.