First changes I would make would be with administration (I know how impossible this would be with the current state of the BCCI *cough* excuse me, I meant ICC).
Foremost I would change profit distribution. The richest countries getting the most just increases the divide and stifles the sport. Once that was done I would increase the numbers of teams that compete, not decrease it. I can think of no other governing body in sport that wants to shrink the number of competitive teams even in places with a large popularity, it's crazy.