I was reading up on that this morning...Looks like it will be effective for the 2020 games...Here was the statement IOC gave:
IOC spokesperson Mark Adams said, “This is a process of renewing and renovating the program for the Olympics ... In the view of the executive board, this was the best program for the Olympic Games in 2020. It’s not a case of what’s wrong with wrestling, it is what’s right with the 25 core sports.” This statement implies that wrestling has lost international significance and is no longer relevant as a modern sport.