However, no prizes other than glory and a crown of olive leaves. Self funded althletes so the games were actually cheap to run. Truce negotiated and maintained by all states taking part for the course of the Olympics and the travelling time to and from the event. This was actually well observed. Would you not go for at least a month with no other state sanctioned killings and war??
Then again I do like the idea of sportsmen living the ascetic life of an ancient Olympian. They would abstain from anything that distracted from the sport such as sex. There was a well regarded wrestler that not just abstained but also removed himself from places it happened or even places it was being talked about. I think the high profile cases of rape, sexual assault, exploitation and other things related to it in professional footballer and related circles would also be a good thing if modern sportsmen followed that practise.