Not sure how it is in Australia, but here the Olympic coverage is extensive. The last one on NBC was on 3 or 4 cable channels besides the NBC network. There was NBC sports, MSNBC, CNBC and I forget all who else. We got plenty of ping pong and badminton to go along with track and field and swimming.
I think they had another channel available for the last Olympics, but pretty much 95% of the audience watches the one channel.
As I was a decathlete and had friends who've competed in the Olympics, I've watched a heck of a lot of coverage since my early teens. Some years there would be less than 3 minutes coverage of the decathlon and the same is true of field events in general.
It comes down to whether or not a countryman of the broadcaster is in contention. If not, then get ready to watch 3 hours of a hockey semi-final with your country having a medal chance.
The event is a rip-off for all but a few athletes who are the mega stars. The rest pretty much dedicate years toward their sport at their own expense. Olympics does not lead to the professionalization of sports. In fact, it makes bureaucratic controlling organizations more powerful in their attempts to squash entrepreneurs who might professionalize the sport.