Let's Be Honest, The Olympics Are About Cash Money, Not Friendly Competition

The modern Olympics have been around since 1896, when the first summer Olympics was held in Athens, Greece. Only 14 countries participated, and only 176 athletes -all of them men- competed against one another. Since then, the Olympics have burgeoned into a massive multi-billion dollar extravaganza, with over 10,000 athletes competing in Rio for those oh so coveted medals.

Meanwhile, NBCUniversal, which is televising the Olympics in the US, is expecting to rake in more than 1.2 billion dollars in ad revenue from the Olympics. Of course, NBC paid $4.4 billion for rights to the 2014-2020 games so they need to sell billions in ads just to break even. Further, many sponsors have ponied up tens and even hundreds of millions of dollars for sponsorship rights, and Hillary Clinton is expected to spend $50 million on Olympic ads.

So let's not kid ourselves, the most important “gold” isn't the medals themselves, but instead the opportunities to produce sweet, cold hard cash.

Costs for Countries is High

With no disrespect intended for the athletes who strive for athletic perfection, the Olympics themselves are becoming a joke. Just think of the headlines surrounding the Olympics over the last few months. Green pools, officials being locked out of stadiums, a kayaker having apparently capsized after hitting a submerged couch, multiple shootings, muggings, and other embarrassments.

Add in the alleged corruption and the fact that Brazil, a middle-income country struggling through economic malaise, officially spent $12 billion dollars to host sports games. Unofficially, estimates top $20 billion. And while Rio has been spending lavishly on the Olympics, the Brazilian government has cut funding to education and other vital public services.

Time For Olympics To Become Truly Not-For-Profit?

Billions were spent by Brazil to prep the country for the Olympics. Already, rumors are swirling that many of the contracts were handed out to corrupt cronies. That might help explain why some teams have been complaining that the living quarters aren't suit for living, why pools are turning green, and why other problems are cropping up.

Further, while Lebron James can pull more than $30 million playing the in NBA, athletes often make very little. Not long ago, a kind stranger actually put together a crowd-funding effort to send a father, who worked as an Uber driver, to Brazil to see his son compete. Yes, athletes struggle just to get their families to the games.

International Olympic Committee officials, on the other hand, cash comparatively hefty checks. IOC President Thomas Bach gets a $900,000 dollar yearly allowance and lives in a cush 5 star hotel. IOC members fly first class, stay in the finest hotels, and expect to be wined and dined at every step.

National Organizing Committees can also rake in big dough. The U.S. NOC got $230 million for the Brazil Olympics. Not bad when you consider that Brazil's NOC got only $1.56 billion, despite Brazil having paid over $10 billion to host the games.

When Norway pulled out, it was at least partially do to the absurd arrogance of IOC officials, who demanded such necessaries as drinks with the King, a private IOC car lane, a welcome committee at the airport runway, and a fully stocked bar during the opening and closing ceremonies. Else wise, a simple wine and beer selection would do.

These absurdities need to end.

Buildings Often Left To Rot or Are Torn Down After Olympics

Some cities have done an excellent job of re-purposing buildings to be used for other events. In the USA, Atlanta turned athletic dorms into college dorms. In Italy, Barcelona used its turn to hos the Olympics as an excuse to develop its run-down water front, which is now considered one of the nicer parts of town and is a huge tourism draw. Beijing turned its National Aquatics Center, nicknamed the Water Cube, into a water park.

Nearby in Greece, however, many of the dozens of buildings used to host the Olympics are now overgrowing with weeds and covered with graffiti. Even Atlanta was forced to tear down its Atlanta-Fulton County Stadium to make room for a parking lot, and many of the buildings in Beijing sit empty, or have been torn down.

Who knows what will happen with Brazil's facilities. Many of the football stadiums built for the 2014 FIFA tournament have been underused, and the massive Estadio Nacional Mane Garrincha in Brazila has turned into a de facto car park.

Consider Selecting One Official Designated Host Country

Why not consider having a permanent host for the Olympics? Do nations really need to get in phallus measuring competitions over who has the biggest stadiums, or the bluest pools? Isn't it better to brag about things like Human Development Indicator scores?

Why not send the summer Olympics to Greece? Both the ancient and modern Olympics started in Greece, which enjoys a nice, temperate Mediterranean climate, and could quite frankly use some extra cash right now.

Japan, meanwhile, is the world's most heavily forested country, features countless mountains, and could also use some cash given its public debt to GDP ratio is somewhere around 250%. The country's seasonal weather is also perfect for hosting the Olympics. Not a fan of Japan? Okay, we'll talk about it.

Or at least we should. It might be time to award the Olympics for longer terms than just one games. Give Athens the right to host the next three Olympics. Instead of letting facilities go to waste, they can be reused (renewable Olympics? Why not). Greece will get an injection of tourism dollars every four years, and will be able to pay down more of the costs

At the very least, the Olympic committee should move up the selection process. Give countries more time to build up the necessary infrastructure to host the Olympics. This should help drive down costs, and make the impact on local communities less dramatic.