The IOC is famous for cracking down on people "inappropriately" using the five- rings logo that symbolize the Olympics. The IOC currently sells the right to use the Olympic logo on a two-games cycle (winter and summer) for between $50 million to $75 million - there are 11 contracts currently let out.

The IOC is anxious about selling more TOP (The Olympic Partners) spots lest the price fall too far, which seems to have opened up an arbitrage possibility. The folks on the Beijing Organizing Commitee have decided to create the missing market in Olympic advertising by selling their own partnerships to companies from around the world. Johnson and Johnson, along with Anheuser-Busch and VW, Addidas, and others, have signed on as partners with the BOC for the right to advertise during the Olympics (but evidently not using the five-ring logo). AB is the international beer sponsor of the Olympics (thank goodness).

Has the IOC essentially painted themselves into a corner with their logo licensing? $50-$75 million for two games with the rings versus $15 million for one summer games without the rings? For at least the 2008 games, I'd wager that, when there are a billion eyes staring at your ad during the games, whether a ring-logo is on the ad or not is inconsequential.

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