^ IMO even T-20 is a very long format for Olympics.
If everyone wants to include cricket in the Olympics, then format needs to be short. Let's say wrap up one game within 3-5 hours max. In that case, T-6 and T-10 can do magic. Let 20-30 teams compete in the Olympics, after the qualification round and strictly no preference to any Test-playing nation.
Make a 4-5 small group, let the 4-5 games start simultaneously on the same day, With this whole circus could finish with in 15 20 days top after that ICC can follow their bilateral stuff for revenue generation.
Fun Fact : In 1900 England and France were up against each other for Olympic gold ( Cricket) England Won the Gold. Only 2 teams participated
A T20 match lasts around 3 hours and 15 minutes (including the break in between the innings). T10 may take around 1 hour 45 minutes. IMO, 32 teams can be split to 8 groups, with each team playing 3 matches during the group stage. 8 teams qualify for the quarter-finals, 4 to the Semi-finals and two to the finals. The matches can be completed in just 7 days. If you want to include rest-days, then it may take 10 days.
BTW, only 28 nations participated in the 1900 Olympics. India and Pakistan didn't had a cricket team then.