In Kafka, there are two types of log retention; size and time retention. The former is triggered by log.retention.bytes while the latter by log.retention.hours.
In your case, you should pay attention to size retention that sometimes can be quite tricky to configure. Assuming that you want a delete cleanup policy, you'd need to configure the following parameters to
log.cleaner.enable=true
log.cleanup.policy=delete
Then you need to think about the configuration of log.retention.bytes, log.segment.bytes and log.retention.check.interval.ms. To do so, you have to take into consideration the following factors:
log.retention.bytes is a minimum guarantee for a single partition of a topic, meaning that if you set log.retention.bytes to 512MB, it means you will always have 512MB of data (per partition) in your disk.
Again, if you set log.retention.bytes to 512MB and log.retention.check.interval.ms to 5 minutes (which is the default value) at any given time, you will have at least 512MB of data + the size of data produced within the 5 minute window, before the retention policy is triggered.
A topic log on disk, is made up of segments. The segment size is dependent to log.segment.bytes parameter. For log.retention.bytes=1GB and log.segment.bytes=512MB, you will always have up to 3 segments on the disk (2 segments which reach the retention and the 3rd one will be the active segment where data is currently written to).
Finally, you should do the math and compute the maximum size that might be reserved by Kafka logs at any given time on your disk and tune the aforementioned parameters accordingly. Of course, I would also advice to set a time retention policy as well and configure log.retention.hours accordingly. If after 2 days you don't need your data anymore, then set log.retention.hours=48.
Now in order to change the retention policy just for the __consumer_offsets topic, you can simply run:
bin/kafka-configs.sh \
--zookeeper localhost:2181 \
--alter \
--entity-type topics \
--entity-name __consumer_offsets \
--add-config retention.bytes=...
As a side note, you must be very careful with the retention policy for the __consumer_offsets as this might mess up all your consumers.