Antonyms for the phrase "blowing out of proportion" include "minimizing," "downplaying" and "understating." When someone minimizes a situation, they make it seem less significant or serious than it actually is. In contrast, someone who downplays a situation makes it seem less important or less significant than what it is. Understating is perhaps the most straightforward antonym for "blowing out of proportion" as it means to describe something in a way that makes it seem less significant than it really is. Choosing the right antonym will depend on the context and the intended meaning, but all three antonyms offer a balance that can help keep things in perspective.