100+ encoders

No, I2C is multimaster system, there is "arbitration" supported in hardware on ATMega. Since it is open drain bus there is no risk of bus contention damaging the devices. If a device wants to send 1 but bus is in 0 it means someone else pulled it LOW and the one who wanted to send 1 "lost arbitration" and should stop transmitting.
SPI is single master bus.

EDIT: clarification