I'll confess that I don't watch the Olympics, but you'd have to be living under a rock to be unaware of the corruption and the expense. An organization with no transparency, huge amounts of politics and a great deal of unearned power. 

I wonder what it would take to create an alternative?

Ford, Nike and Netflix each put up a few hundred million dollars. The games would be held two years before each corresponding Olympics, benefitting both athletes (who can't always wait four more years) as well as curling-starved fans (not to mention advertisers). (Ted Turner tried this a long time ago, but I think it's time to try again in a post-broadcast economy).

To reflect a world that actually has electronic communications at its disposal, the games would be held in ten cities at the same time (each sport centered in a specific city), not one, reusing existing facilities. With multiple time zones, the games could be held round the clock, and the logistical challenges of rebuilding a different city every time go away.

And to reflect a world engaged in social media, the games would be focused on abundance, on sharing, on permission, as opposed to straining to build a legal wall around what goes on.

(And in a Rollerball-like, post-sovereign twist, perhaps the teams are sponsored not by countries, but by companies, fraternal organizations and organized fans).

We'd need a new song, sure, and a name that over time would somehow gain ridiculous trademark rights, but hey, you need to start somewhere.