The Olympic games could be held in many major citiy of the world with adequate current athletic facilities but you'd have to cut down on the frivolous events and ceremonies - something the pompous pricks at the IOC would never submit to.
If the Olympics were to be cancelled, I'd be curious if the IAAF would have the balls to run a world championship track meet somewhere else. That'd be cool to see. Again, nearly any city that, say, already hosts a diamond league meet, could expand out to hold a world track and field championship. You might have to do away with some of the pomp and circumstance but real fans don't care about that stuff anyways.
For all those training for the trials, I hope something like a full cancellation does not occur.
-Krispy