If the two ends are from the same lace, or from the same group of laces already tied at their ends, it will form a loop, and therefore no longer have any free ends.
Continue this until all laces are parts of loops, of either 1 lace, 2 laces, etc.
When you're finished, a certain number of loops will have been formed in this fashion, consisting of one or more laces.
What is the expected number of loops?