The Olympics are a pretty big deal in handball too, because only the best teams/some of them get to participate.
Before you cut anything else, the first sport to cut completely is soccer/football (probably basketball too), because it's absolutely pointless, and nobody gives a *** about the Olympic football tournament. That's nearly 500 athletes alone that you could distribute to other sports. Or maybe tweak the gender equality formula a little and leave the women's tournament.
Tennis is also dumb, that's 172 athletes. I can't easily find how many athletes participated in handball and basketball, but it's got to have been at least 500 in total as well.
I'm with King Boonen on this, sports where the Olympic tournament is only an afterthought shouldn't be in the Games, unless it is strictly amateurs who are competing, but that's in the past.
I agree with the above 100%. Wasting Olympic exposure on sports that don't need it is pointless. And I include road cycling on that list.