I've run an event for Repeat Offenders called the "ROlympics" which was sort of what I thought you meant, I also put together a story arc based on a sort of "HerOlympics"
my personal runs have been time-based. Usually see who can run a specific TF the fastest, but you've got sort of a fun idea, though it sort of seems like a bit of a waste of dev time.
No
Buffalo buffalo Buffalo buffalo buffalo buffalo Buffalo buffalo
I think you underestimate our fools, sir.
Why /duel is a bad idea
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1. TK Toss: Based on powers such as telekinetic thrust that would allow you to fling your opponent off a high location. Furthest distance tossed earns an badge. (Based on my dominator liking to throw people from the top of Aeon City)
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The scene - Near the "launch pad" for the TK toss. A hero and a villain are on the same team.
HeroicGuy: "I don't think I can do this."
VillainDude: "Do what? Just go up there and..."
HG: "Just punt someone off a building, for fun. I'm a hero!"
VD: "Don't worry, it's not real, it's a simulation."
HG: "You sure?"
VD: "Of course! Don't worry, you'll do fine. Go get 'em!"
HeroicGuy winds up and sends the guy flying.
VD: "OH MY GOD, THAT WAS THE REF!... Bwahahaa... if you could see your face!"
That said, I think it'd have to have more things like the ski runs, but with (a) overall power suppression in place, and (b) temporary "buffs" to everyone. Say, a race, where you have to get around obstacles, but get extra points for hitting certain things (tagging them somehow.) Everyone would be suppressed, but given, say, slotted Swift speed and Hurdle.
Knockback soccer would be endless fun.
...perhaps with a Big Red Ball...
I like the idea but why not go with something a bit more traditional .. A week long event open to teams {these could be SG/VG or simply a group of friends that decide to band together}
Some of the events could include:
Boxing: open to any AT with a powerset that has no weapons like SS, MA or DM. Set it in an arena style atmosphere and auto Exemp/SK everyone to a certain level.. somewhere above 20 so those that desire it have their Stamina. Make it 3 or 5 rounds and the winner from each heat would obviously be the one with the most knockouts.
Fencing .. Similar to boxing but for sword wielders.. ie Katana, DB, BS and even war mace
Skiing.. since the game mechanics are already in place, proven by the Chalet in Pocket D, have a downhill race with the winner having the fastest times.
Ranged Accuracy.. To keep this semi fair since Archery definately seems to have a decided edge break it down into three categories:
Archery
Rifle/Pistol
and others.. Energy, Fire etc
Set a time limit say 2 to 3 minutes and the winner is the one with the most hits on a target like the training dummies in the Vanguard HQ. Again auto SK or exemplar players to one level so a 50 level doesn't have a distinct advantage over say a 25 level. Shut off Inspirations and suppress IO so everyone is pretty much on an even playingfield.
Obstacle course .. Sort of self explanitary just set up a course where players have to get over, under or around a bunch of obstacles and the fastest times win. This could even be broken into individual and team relay events,
Run it during the Summer months since we have the Halloween event in the Fall, Winter event in the .. DUH, and the Valentine event sort of signals the coming of Spring.
Winners would get individual Gold, Silver, and Bronze medals and at the end of the week the team with the highest medal total would each earn a special Badge as that year's Olympic Champion.
I'm sure others could come up with any number of other events that could be added so that every AT would have the opportunity to participate and excel. Of course some players with faster computers would have an edge but with many events it would still come down to how fast can you crunch buttons.
Ohhh almost forgot to add set this in a coop zone like the Chalet so that both heroes and Villains have the ability to compete and each year one side would earn bragging rights rights by taking the overall champion medals 
�We�re always the good guys. In D&D, we�re lawful good. In City of Heroes we�re the heroes. In Grand Theft Auto we pay the prostitutes promptly and never hit them with a bat.� � Leonard
�Those women are prostitutes? You said they were raising money for stem cell research!� � Sheldon
I would be totally fine with it being a temporary event-based competition. I hesitate with suggesting it that way only because the devs in the past have mentioned a desire to move away from any extensive development that can only be used for a short period of the year. Mind you, that may have changed or they may be at a point where they could support the addition of more events...
Perhaps they could do a two week CoHOlympics and end it (or start it) with one of the double-xp weekends... sort of like the opening or closing ceremony.
I demand a sacred race through Eden to the Hive Spiral from the gate entrance through the woods.
While the runners are on FIRE!!!
Ok, while mucking about in Cimerora on my dominator, I came up with something I think might be fun even if only for an annual event:
CoH Olympics
Picking up on a theme from people who like the Big Red Ball idea and all that, this would basically be a dedicated area (sort of like the ski jump) where heroes and villains could gain temporary powers in order to perform certain tasks and earn badges accordingly. Some examples might be:
1. TK Toss: Based on powers such as telekinetic thrust that would allow you to fling your opponent off a high location. Furthest distance tossed earns an badge. (Based on my dominator liking to throw people from the top of Aeon City)
2. Hostage Herding: Using a power similar to telekinesis, you move a struggling hostage/rescuee through an obstacle course. Fastest times earn badges. (Based on my dominator liking to telekinetic herd immunes surgeons up to Imperious so his men can kill them)
I know there are other ideas out there from other players. Feel free to toss them into the hat.