The original Olympics in Ancient Greece were also competitions between professional athletes and amateurs. The pride and prestige that Greek city states gained fro winning at the Olympics drove them to support professional athletes. What is wrong with the games now is that the Olympic committee makes insane money demands and the price of attending is far too high for the average citizens.
The Olympics in L.A. turned out to be a huge success because we did not build anything new and we used existing facilities we had in the city (by college and pro teams).
So that should be the footprint for the future Olympics.
Instead, the IOC became greedy and demanded the host city to build new facilities. So now no one wants to do it anymore. Funny thing is that it'll be L.A. in 2028 and SLC in 2034. And they will use existing infrastructure.