Hi!
This is a profiability problem. My approach would be the following:
1. Company
1.1 Objectives: profits, gain viewers, brand recognition, positioning in the sport market segment.
1.2 Expertise: do they have experience in broadcasting live sports? This will afect costs through labour, equipment, reaching viewers and customers.
1.3 Financial situation: do they have the money or will they have to borrow it?
2. Competition
2.1 Competitors: who are they? Are they going to bid as well? What are they looking for?
2.2 Reaction if we win
2.3 Possible partnership?
3. Expected revenues.
3.1 Advertisement: broadcasting hours x number of ads/hour x price/ad
3.2 Subscription fees: viewers x price (it will depend on how popular sport is in the country).
4. Expected costs
4.1 Coverage: labour, equipment, accomodation, travelling, network access.
4.2 Opportunity cost: reveneue generated by programs which will be ommited when broadcasting the Olympics.
4.3 Capital cost: discount rate
5. Risks
5.1 Geopolitical risks: what if the country does not take place in the Games? (Russia precedent)
5.2 Uncertainty of future revenues and costs
Once you calculate the expected profit (revenue-cost) you can obtain the NPV of the potential profit. That would be the maximum bidding price to break even.
Let me know what you think about this framework.