has a chance to compete

why do the Olympics hold such a spot in our cultural imagination? how much is that impacted by changes such as sticking it only in one place (and thus also loosing unique opening/closing ceremonies stuff)? I think it clearly hurts the status of the games which has reverberations over time. it's not merely that countries fight each other...there are tons of competitions between countries that go pretty much unnoticed and/or have lower status attached to it. The status of the olympics could be a real question mark especially if there turns out to be an "Olympics fatigue" once you pitch going to the same city for the 2, 3rd or 4th time. I think you're assuming no costs to olympic status which doesn't seem right (but that's not to say it goes from popular to disaster that people don't want to participate in)

every 20 years

given makeup of IOC why is fixed 20 year more likely to pass? these people often want their country to make it too and they are likely to not want to reduce corruption

nightmare

it strikes me that a better option is to change how IOC operates and/or rotation as well as to get rid of pernicious myths about publically funded stadiums before those countries bid.