I understand the sentiment, but don't agree.
The great thing about the Olympics is that they only turn up every four years. We find ourselves getting excited by sports we have barely heard of. But that's the appeal, its something different and rare.
I've watched the rowing and cycling for a decade of more outside of the Olympics. I had an interest in these sports for a long time, but the Olympic success developed the interest (which means I'm dangerously close to a sports gloryhunter
).
The strengths of the Premier League and Champions League are different. They are every year and many weeks in the year. The challenge to sustain interest is so different. The fact that football can sustain almost weekly interest is a testament to its popularity, but also a reason why Olympic football has more limited interest.
If they made the Olympics every year they would lose importance. The athletics world championship almost gained equal footing when every four years, but lost the glamour when it went every two years.
I will look forward to Rio because it is four years away.