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At that point, you'd actually get into reverse Title IX issues and having to cut another women's program or add another men's program I'd bet.
Despite strong efforts to change this, there is no real "reverse" enforcement.
The problem isn't just Title IX. It's a combination of T9 and budgets. The most common scenario is that a school wants to have football (and its many scholarships) and so it has to have several womens sports to balance out the M/W participation. Times get tough, schools still have to comply with T9, so they cut men's sports.
In 2006 James Madison cut 7 mens teams to save their athletic department while still complying with T9 and a group representing those mens teams sued. The case was dismissed. When Kansas cut mens tennis, swimming, and other sports several years ago a similar discrimination case was brought and was recently settled, I believe through mediation. The result was that Kansas "reduced the size of its womens teams and encouraged more men to walk on to other sports". Basically women's teams got less walk-ons and Jayhawk football got more. Not much of a victory.
I don't want to get too far off topic by citing other examples, but IMO this happens in the long run not just in this case but nearly every time any group is oppressed and measures are taken to promote equality. The initial idea is a good one but at some point equality is restored and no one ever says, "OK we're all good, Title IX has served it's purpose and now it's time to revise it."
This is mainly because of the popularity of football and the size of football teams, but there are nearly 3 times as many male high school athletes as there are females. So yes, if Title IX were about jobs, and there are an equal amount of men and women going for these jobs then yes - there should be an effort to make it 50/50...but if there were 3 times as many men as women on earth (so if earth were a Corps party

, it would be crazy to want the job force to be 50/50, right?
So you can't mess with football and you can't mess with women's sports, so you have to mess with men's sports that most people don't care about. Trust me, I care - I am on the "other sports" board. Unlike many "other sports" folks however, I realize that just because I care about mens tennis and mens soccer doesn't mean I can make other people care. Title IX makes them care about women's soccer and tennis.
Title IX has been great for women's sports but IMHO the solution is to make college scholarships proportionate by gender to American high-school age participation in sponsored sports. Either that or acknowledge that football is the horse pulling the cart and count football scholarships separately and have gender equality in all other sports. Won't ever happen because it would cause an uproar and all most athletic departments really want to do is appease the gender equality folks so they can keep on playing football.
Anyway the short answer is that no, we would not have to add another men's sport in order to sponsor women's gymnastics.
The real reason we won't add it (these figures are from 2009 but they make the point).
Football Revenue: $42 Million
Football Expenses: $16.5 Million
Football Profit: $25.5 Million
Total Athletic Dept. Profit: $2.7 Million
http://businessofcollegesports.com/2011/03/20/whos-making-money-in-big-12-football/The only reason Big-time D1 women's sports even exist to the extent to which they do (a good thing) is so to comply with Title IX. I can assure you that no athletic department is going to add or keep a women's sport (99.9% of which operate at a deficit) unless they have to.