The funding isn't the problem. The funding could be better managed by the actual national sport organization, and it should be. We should have outside organizations that we can rely on for support, but not for instruction on what we can do with it, or what we have to do with it or face losing it. That's the problem.
The reference level funding does have decent guidelines. The reporting system to the federal government is exceptionally difficult. I think something along the lines of a national Canadian sport council that is separate from the federal government—get rid of Own the Podium and give less power to the Canadian Olympic Committee—would probably be much better. The sports can go to them for support, as opposed to begging and sucking up for funding that should be theirs anyway.
They're just taking another layer of bureaucracy by having all these multi-sport organizations that want to be experts of that specific sport organization.