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1
Accept that you won't get through most of it
Time is limited. Without this mindset you won't have the focus accepting this truth grants you. It's the most important item on this list.
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2
Do not abandon anything you want to finish
The cost of returning to a piece of media you've put down is high. You may have lost enough context that continuing from where you left off is not possible. Restarting is a time consuming defeat.
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3
Do abandon anything you do not want to finish
A corollary to #2. You may find that thing not quite hitting the spot when you get to it, especially if you're outside of its hype cycle. Move on as soon as you realize you're not enjoying yourself and are confident that won't change. For a backlog, done is just as good as finished; both shorten the list by one.
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4
Anticipate new hotness
New releases will tempt you—hype is powerful. Check release dates/windows before starting something new. That way you can ensure you're free to pick up whatever you're looking forward to the moment it drops.
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5
Commit only to what you can make time for
Don't read Discworld if you can't commit to a long series. Don't watch Justice League: The Snyder Cut or Killers of the Flower Moon if you can't commit to a long movie. Don't play an MMORPG game if you want to do anything else. Will you miss out? Of course, but you're always missing something. It's okay; that's just how it is. You know your schedule, so queue up what fits into your lifestyle.
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6
Pay attention to where recommendations come from
Recommendations that come from very different people and places are special. Nothing is universally good but anything that can be celebrated by a variety of people is an indication of quality and/or relevance. The more divergence between sources the more you may want to consider what's been recommended.
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7
Prune as needed
Interest waxes and wanes. A backlog isn't immutable. Treat it like a garden; see what you can trim when it gets too big. As you do this, keep an eye out for items that return.