Aside:
I think that having the Olympics in one place for each season would be most 'entertaining', and better for the IOC.
Let's take the summer Olympics, likely to be in Athens as the spot. 'Top' countries would then pay pretty good money to have practice locations around Athens, so that the athletes get used to the area and are comfortable with the event locations. Heck, you could have them use the actual facilities as well.
Now, as is usual with Olympic coverage, the lead-up is all about how terrible things are going, and the ~two weeks of it are all about how the Olympic Village is running out of condoms. Not to be too crass, but having many athletes in Athens all the time would be a 24/7 discussion about very fit young people's intimate relationships and national pride.
It's a TV goldmine. And one the IOC can license.
Think about it: something like a HS-teen drama, with very beautiful/fit people, all in a crowded space, all competing together in disparate events, all with national pride on the line, and with a four year deadline for the 'show'. The relationships, of course, would be a big part of the idea, to further amp up the drama that the competition provides. Language barrier mishaps, tall-dark-hansomes, different dating customs, distant parents, coaches yelling, slipping out at night to abscond with a new relationship, national pride, crossing national barriers in friendship, creating new rivalries, the pressure cooker, etc. And then, at the end, the actual events and the epilogue that is a gold-medal ceremony after four years of hype.
And all of it being done with the IOC getting a cut, possibly making even more cash so they go along with it.
I think it would be great TV.