I'd prefer to merge Oceania with Asia and have only 4 regions (with only one America). For team sports, one place for every continent and the rest to be decided in global tournaments (held after the continental ones). For individual sports, continental places to be granted only if there is someone in the top x of the ranking. The majority of African and Oceanians NOCs don't care about most sports anyway, giving them free spots would make sense only as a form of encouragement if there was a growing trend of participation.