To build off of your idea, what if the IOC had their own camera crews that would cover the live events and rather than bidding out the events? They could license access to the raw footage to buyers (i.e. NBC/ABC/ESPN) who would then choose how to use the footage as well as applying their own commentators and technologies (such as scores, replays, etc.).
Seems like the IOC would benefit from licensing to all the different networks, the networks would all benefit from being able to carry the olympics, and the people would benefit from the competition between the networks to provide better replays/commentary/analysis.