By means of the first-principles density functional theory () calculations and experiments, we investigate the role of dilution on the structural, magnetic, electronic, and optical properties of the antiferromagnetic (AFM) spinel having Néel temperature K. As the octahedral cobalt site of spinel lattice is diluted with Ge, Al, Ti, Ru, and Sn cations, we observe a substantial increase in the size of the unit cell as well as destruction of the long-range magnetic ordering with a spin-orbit compensation effect. The ferrimagnetic ordering in diluted inverse spinels such as ( = Ti and Sn) emerges due to the difference in the magnetic moments of two sublattices A (3.87 ) and B (4.16 for and 5.19 for ). Experiments and DFT calculations indicate antiferromagnetic configuration for , ( K) spinels with an equal and opposite moment of in tetrahedral sites of divalent Co ions and negligible contribution from trivalent B-site Co due to the complete filling of levels having a giant crystal field of and 1.8 eV, respectively. However, in ( K) case AFM behavior originates due to the opposite spins at octahedral sites of divalent Co ions. The remaining spinels ( K), ( K), and ( K) are more favorable to ferrimagnetic structure as evident from our magnetization measurements with a different temperature dependence of magnetic moments A(T) and B(T) at tetrahedral A and octahedral B sites, respectively. The variation in the energy band gap ( eV for ) obtained from calculations are in good agreement with our experimental results ( eV) obtained from the diffusive reflectance spectroscopy. The extent of exchange splitting of tetrahedral varies between 1.8 and 1.3 eV for and , respectively. However, exhibits a decreasing trend ( eV for ) with increasing the lattice parameter, except for cobalt-orthogermanate .