The BCCI is likely to send the WICB a bill for around US$60,000,000 lost revenue after a meeting tomorrow. There's no way the WICB could possibly pay that, so at least part of it will certainly be 'paid off' by future tours being cancelled.
The bill will be mitigated a bit by the scheduling of five ODI matches against Sri Lanka, so only 12 match days will be lost.
Don't think cricket, in any form, will ever be in the Olympics. It has been in the commonwealths, although was arguably low-key. What COULD get cricket into the Olympics is a wad of cash from, well, India, but even so a sport would have to drop out to make room?
Any competently-run sport would want to be in the Olympics in the name of expansion. But there's the problem - the ICC operates purely to take care of their own, not to promote the sport.
The 1998 Commonwealth Games was a failure because it used the ODI format which is not really fit for use in a large multi-sport event. But since that time T20 has arrived, and has worked well at the Asian Games which are, in global terms, at least as significant as the Commonwealth Games.
T20 at the Olympics will be on the table at the ICC as soon as the issue of TeamGB gets sorted out - a compromise could be possible in the form of regional qualification tournaments which TeamGB would probably win in Europe. To avoid it being an imbalanced tournament dominated by the in crowd, the current ICC full member nations (including English players in TeamGB) could be restricted to under 23 players as the Olympic soccer teams are, but with other nations having unrestricted choice including players who had previously left and played for an ICC full member team (e.g. Eoin Morgan for Ireland and Dirk Nannes for the Netherlands).
As for cricket itself, I have virtually no interest now in any international series. I just concentrate on Lancashire, never England. The ECB have decided, in their wisdom, to give live cricket to a pay channel. So I can't watch. Out of sight, out of mind.
Interestingly, according to Cricinfo this is a point on which you agree with the writer of Kevin Pietersen's new book. I wonder if Kevin Pietersen himself has heard of it though, it might compromise his chance of getting a media job in the next few years.
You should lobby the government to place certain international cricket series (e.g. home Tests which are sold out, away Ashes tours and the World Cup) on a protected list which must be shown on free to air TV in the interest of protecting competiton, starting from the expiry of the current contract with Sky.