I like this idea very much, actually. And also, I think the commodities should be mountable, so if, say, Razr and his team from the [SA] win (Just an example...), then they get to equip it on their ships as a token of their superiority in whichever event the team won in. Kind of like a status token if you will. Such as Kiggles said.
I also think that the team should be no more than three people, but that's me.
Is there a list of events proposed yet?
Addendum:
Ladders should be just like the normal Olympics, as this is supposed to be as close to the Olympics as possible, only in Freelancer.
Also, are there going to be "multi-stage events", such as combining 1 vs 1 PvP with 2 vs 2 PvP and the Starflier race, for example?