If I recall correctly, NBC has bought the rights to Olympics up through 2032. So seems.doubtful they would move the broadcast to a niche network or otherwise abandon all the prime time programming they will plan to broadcast.
Then you have the Today Show cast all there wearing their ski hats trying to gin up excitement about these games.
Do the ratings on I phones register somewhere? While viewing on the NBC TV network may be down, are significant numbers watching elsewhere?
You nailed it, NBC’s Olympics coverage is basically “The Today Show” with skating.
Immensely bad business decision on their part.