I was talking about this one with my mother this morning, and I staked out the position that I'd be a lot happier if we limited the sports and consequently the coverage. Give me the ancient Greek events - track and field, boxing, wrestling, equestrian. Give me the water events - the swimming, diving and rowing. Give me the artistic gymnastics. Give me the martial events inspired by the original Olympics - the fencing, the archery, shooting and weightlifting.
You can have the rest. I wouldn't have to sit through coverage of things that don't belong in the Olympics if those sports went back to their respective lanes.
Also, the modern Olympics need chariot racing. Just saying. I think we can live without the pankration the same way I can live without MMA.