From what I understand, wrestling is back for the 2016 and 2020 Olympics. It will have to pass another vote of some kind to be permanently reinstated, but it seems that the IOC realized they made a mistake by trying to eliminate it.
Dana used to talk negatively about wrestling, but I think he saw how many people cared about wrestling when it got "removed" and the UFC and company seem to be on the train. This is huge for wrestling, really excited to here this. To have the UFC on board is a huge win.