I think you are right. All advertising should stop..........I think it's better to avoid that whole ball of wax. The Olympics afterall are really more than just athletes. There is the consumer side of things, branded by country, and by product. That should probably stay where it is. But I think tha's likely something of a personal choice for the audience out there.
But, if the Olympics didn't exist, there would still be athletes competing. If athletes didn't exist, the Olys sure wouldn't. I think the OIC has forgotten that, or perhaps it never occurred to them in the first place.