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I think the main problem of Olympics not being that enjoyable for Americans is mostly a problem of American media coverage. It's not just NBC, but most of the media.

First of all, the games are presented as if only Americans are competing. Opponents are all Washington General types that don't worth any mentioning. There are a lot of interesting back stories about athletes all over the world, but you'd not see them in American media.

Secondly, the media is trying too hard to create story lines, instead of focusing on the sports. Coverages are all star-based, not event-based. The weirdest situation might be Lolo Jones, where the whole situation feels more Jersey Shore than an international sport competition.

So yeah, it's easy to feel as if Olympics is all about over-exposed star athletes. That's far from true, but the American media don't let you see anything else.