A few comments on the various rantings in this thread.
Title IX (sometimes referred to as gender equity) became law back in the mid 70's. Through time schools were mandated to comply. Most schools complied by either increasing the number of women's sports, decreasing the number of men's sports, or a combination of the two. ISU did the latter.
The real culprit in cutting sports (gymnastics, baseball, whatever) is a poor football program. It's tough to "budget" when you have very small revenues. At nearly all D-I schools, the only two revenue generating sports are football and basketball. Typically, the football revenue dwarfs the basketball revenue with a few exceptions (Duke for example). That means that football and basketball are paying for all of the other sports to exist since they cost more to operate than the revenue they generate. At the big football powerhouses (Ohio State, Michigan, Tennessee, LSU), the athletic department is typically self sufficient (they don't get any funding from the university or the state) because the football team produces such a tremendous revenue stream. At LSU for example, the athletic department nets about $3,000,000 for each home football game that is played.
The bottom line here is that a healthy football program can bring back and even add sports. This is why it was so important to get a high quality football coach to build our program into a great football program. I believe Chizik will do this! If you want to blame anyone for not having a gymnastics or baseball team...blame Dan McCarney, Jim Walden, Jim Criner, and Donnie Duncan.
By the way, back in the 80's we had tremendous track and cross country teams (both men's and women's). Some of you may recall Danny Harris dueling with Edwin Moses in track and I believe the women's cross country team finished first or second in the nation at some point also.
As for men's gymnastics, I'm not sure when that was axed but I am pretty sure that the coach of those National Championship teams was Ed Gagnier. As you may recall, Ed gained fame by being the emcee for the "Shoot Five for Five" promotion at halftime of the men's basketball games.