Depends on how Generic you declare an opening. Just saying the Sicilian has the most variations as opposed to say, the Sicilian Najdorf and its many variations, is pretty generic.
Going that level of Generic, I can say the Queen's Gambit definitely competes. The Sicilian has, for example:
Classical Dragon
Yugoslav Attack
Levinfish Attack
Najdorf old main line
Najdorf English Attack
Najdorf Sozin Variation
etc etc
Well, I could say the same against the Queen's Gambit. Keep in mind, if the Dragon is a Sicilian, and the Najdorf is a Sicilian, the Slav is a Queen's Gambit, the Semi-Slav is a Queen's Gambit, etc.
Declined, Orthodox
Declined, Tartakower
Declined, Lasker
Declined, Cambridge Springs
Declined, Vienna Variation
Declined, Ragozin Variation
Declined, Rubinstein Variation (7.Qc2)
Declined, Exchange Variation
Slav, Central Attack, Bishop Sacrifice Variation
Slav, Central Attack, Modern Main Line
Slav, Dutch Variation
Slav, Exchange Variation
Slav, a6-Slav
Semi-Slav, Botvinnik Variation
Semi-Slav, Moscow Variation
Semi-Slav, Anti-Moscow Variation
Accepted, Central Variation (3.e4)
Accepted, Classical Variation (3.Nf3)
Accepted, 3.e3 Variation
Chigorin Defense
Albin Counter-Gambit
This is just the tip of the iceberg. There are hundreds of others.
Question is too generic and pointless!
What opening has the most variations?