Displaying the Olympic Spirit
All competitors in the Olympic games should compete naked. This was how the original Olympics worked and it would stop events being decided by research -- those high-tech swimming costumes and running shoes -- instead of by ability. (I'd like to think an additional benefit would be to reduce the amount of advertising, but I fear mercenary athletes would just acquire Nike and Adidas tattoos.)
Arguably events that involve any kind of personal equipment should be excluded for similar reasons. The only drawback I can see to this is that it would rule out the event that has always been the highlight of the Olympic games -- the chariot race.