So penguinboy9, we have debunked the three major parts of your argument.
1) We proved that chess meets your definition of "sport": a game/competition/activity that requires physical exertion.
2) We showed that the IOC does have the right to define what is a sport, it is not motivated by money or "bureaucratic inertia", and that dictionaries can be wrong.
3) Finally, we showed that your "if the majority say the word means this, that is what it means", argument is true, but it proves chess is a sport, because most countries recognize chess as a sport.
Neither is bowling . . .
Bowling requires physical skill. Stephen Hawking couldn't bowl very well but he would be able to play chess.
Stephen Hawking was disabled, so he was unable to participate in most traditional "sports". What is more wonderful than a sport anyone can play! Chess is that sport! also, chess requires hand eye coordination to get your piece to the right square. And the elevated heart rate from chess technically is muscular activity, because blood flow involves skeletal muscles "skeletal muscles help maintain venous return and consequently cardiac output" that's according to the journal Nature. So chess does increase physical activity in small ways. But it is still physical activity and chess is still a sport.