The ancient Olympics were supposed to be about stopping wars when all the pagans would come to Mount Olympus. The widow of one of the murdered Israeli athletes said the terrorists don't know what the Olympic spirit is about. But Jews shouldn't believe in it either. It should just be about sports and the pride of your own country.
I always like the opening ceremony the best but they always make it Shabbat. I'm trying to find it online to watch somewhere.
I also remember how in the past people criticized the NBC sports broadcasters of making political comments when each country came out. I liked that part. It's about politics and the countries. If people don't want politics behind it, there should be a competition where individuals compete against each other not based on what country they came from. Of course that wouldn't work with team sports where the medal is for a country but if individuals compete for their personal medals, there can be a World competition that is non-political where they can do it. But the Olympics are a political sports event so people should not complain when political remarks are made about teams.
Also, the Israeli team has to come out on Shabbat in the opening ceremony. If it's outdoors, there is probably no eruv when they carry the banner. Also, they had the swimming on Tisha B'Av and I think Michael Phelps is Jewish and swam on Tisha B'Av. Bathing is one of the prohibitions of Tisha B'Av.