Canada seems to have a large team for a country its size (315), with a so so medal return. We should concentrate on quality, not quantity.
In the interviews after events, some athletes who are older and/or finished nowhere near medal contention or are just mediocre say that they'll be back in Tokyo. Why?
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Agreed, and they created the Own the Podium (OTP) before the Vancouver Olympics to fund our top medal prospects to convert medals. Montreal '76 was the first and only Olympics where the host nation did not win gold, until we did it AGAIN in Calgary '88.
OTP was a departure from the previous funding programs which funded top 8 world rank athletes to make the finals in swim and track (or quarterfinals in those events). This was hoping once your in the finals, anything can happen and maybe win a medal.
OTP narrowed that to top 4-5 depending on events, to make sure the money went to the medal hopefuls. And it worked for Vancouver and Sochi, and to some extent here in Rio.
As I understand, Canada has some of the most stringent Olympics national standards to qualify for the national team.
The top team sizes were US (540+), Brazil (462), Germany(371), France (369), GB (331), Japan (326), then Canada.
Also, one of the other things that adds to the count is team events like soccer, volleyball, basketball, rugby, handball, water polo, field hockey, etc. Any country that fields several team events, end up having inflated total numbers.