This is where it would be helpful to have reporters speak to attorneys who have actually read the filings and have an understanding of what is being alleged/sought and the arguments presented by both sides.
I literally finished reading the UI's response in opposition to the request for injunction about 15 minutes ago.
According to the UI, by cutting the men's teams and women's teams, it expected that - for the 2021-2022 season, there will be 336 male participants (47.2%) and 376 female participants (52.8%). The total undergraduate population for 2020-2021 was 9,733 males (45.8%) and 11,501 females (54.2%). Thus, it expects to be within 1.4% of "matching" the 20-21 ratio. The UI wrote that it would take merely adding 21 female participants to meet the 20-21 ratio exactly. The UI also argued that Title IX doesn't require meeting the ratio "exactly" but "substantially" and that a 1.4% difference constitutes "substantial compliance."
The plaintiffs argued that - even though it took issue with the numbers provided by the UI (they argued that the UI inflated the number of actual women participating on the rowing team) - if the court enjoined the UI from eliminating the women's swimming/diving team, it would be in compliance with Title IX because the women's swimming/diving team involved 38 female athletes. If the UI only needed to add 21 female participants to achieve compliance, 38 female swimmers/divers gets them exactly where they need to be.
From a historical perspective, Title IX was enacted to expand opportunities for women in collegiate sports. There has been litigation where courts have been somewhat hostile to the idea that cutting men's sports to bring a school into Title IX compliance. Reason being that cutting men's sports is anathema to the concept of "expanding" opportunities for women.