Yep, swept volume and agree with most of what you wrote.
But the exhaust won't be atmospheric pressure since there's a back pressure. To reduce this you change the exhaust.
Agree a replacement panel filter won't do much. However what I was arguing was restrictions like resonators, bends, snorkels, the airbox itself, etc.
Have a read of this and see what you think.
http://www.autospeed.com/cms/article.html?&A=111369
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