As an event and perhaps the most valuable tradition in the human cultural history, I like the Olympics.
The event should be downsized, though. It's intolerable that there are nowadays only less than a dozen countries that
can afford to arrange it.
Two international Olympic Cities should be built somewhere, one for summer- the other for winter Olympics, funded by all the member countries. Then the games would take place at the same place every time, and in between all the countries could use the facilities for training camps and lesser tournaments. There are too many abandoned and crumbled sports arenas around the world already, built only for the Olympics and then left for little use and maintenance.
The package should include a way to compensate for the travelling expenses of a section of the audience.
That would "simulate" having the games in different parts of the world. One time compensated travel from Latin America, the other time from South-East Asia etc. The chosen country/countries could also decorate the city or only certain arenas in their own way and arrange exhibitions, theatre and whatever to promote themselves. One country could sponsor soccer, one track'n'field etc.