I don't think the International Olympic Committee or the organizing committees of future Olympics would like seeing nearly all American TV coverage being put on cable.
I suspect the IOC wants major events of the Olympics on free over-the-air TV, both here in the United States and elsewhere.
The problem for NBC this time around is that for the first time in decades, rival networks are agressively counterprogramming the Olympics. Traditionally, the Olympics receive very little in the way of strong opposition. Often, the Olympics have faced reruns on other networks.
As an example, the 2000 Summer Olympics in Sydney, Australia were held during the last two weeks of September, the usual start of the TV season. For the most part, rival networks delayed the start of the Fall season until after the Olympics ended.
For the 2010 Winter Games in Vancouver, ABC, CBS, Fox and the CW will have to face this fact: Much of NBC's prime-time Olympic coverage in 2010 will be live, especially figure-skating. Do ABC, CBS, Fox and the CW decide to agressively counterprogram live Olympic coverage or decide that such a tactic would not work against prime-time coverage that will for the most part be live??