Had no idea the Olympics were going on. Couldn't care less.

No, I won't watch them.

Did the Church ever criticize or condemn the Olympics before V2?

Well, keep in mind that the Olympics didn't even exist from a.D. 390 until 1896.

Although I am not aware of any official Church pronouncements, I think it is significant that it was Emperor Theodosius the Great -- the same Roman Emperor who first made Catholicism the official state religion of the Roman Empire -- who put an end to the Olympics by condemned and banning them  as pagan and unworthy of Christian culture, with the approval of the Catholic bishops (Saint Ambrose in particular).

I think it is also significant that for 1,400 years, when Christendom was relatively strong, no one saw the need to bring them back. The French Revolutionaries, on the other hand, thought it a good and important thing to do although their attempt fizzled out. It was then in 1896 when they were re-established -- hardly the pinnacle of Christendom.

That the Church did not make any pronouncements between 1896 and 1958 is not all that surprising, given that they had "bigger fish to fry" in the form of Modernism and two world wars, plus the popes after St. Pius X were all pretty weak (although not heretics).

I believe watching the olympics can be an occasion to sin for many people because in many of the events the athletes are dressed immodestly. I am not against watching sports in general, as long as the athletes are not dressed immodestly, but in the olympics most of the athletes are half-naked. I mean as a man, if I watched women's gymnastics or women's swimming I might be tempted to sins of lust because they are beautiful young women wearing almost no clothing.

This alone should be sufficient reason for Catholics to abstain from watching. Gross immorality of dress.

Fr. Shouppe in his book The Dogma of Hell relates the following account about immodesty:

We read also in Father Nieremberg that a noble lady, who was exceedingly pious, asked God to make known to her what displeased His Divine Majesty most in persons of her sex. The Lord vouchsafed in a miraculous manner to hear her. He opened under her eyes the Eternal Abyss. There she saw a woman a prey to cruel torments and in her recognized one of her friends, a short time before deceased. This sight caused her as much astonishment as grief: the person whom she saw damned did not seem to her to have lived badly. Then that unhappy soul said to her: “It is true that I practiced religion, but I was a slave of vanity. Ruled by the passion to please, I was not afraid to adopt indecent fashions to attract attention, and I kindled the fire of impurity in more than one heart. Ah! If Christian women knew how much immodesty in dress displeases God!” At the same moment, this unhappy soul was pierced by two fiery lances, and plunged into a caldron of liquid lead.

These athletes are in a state of mortal sin and so are the Novus Ordo priests who omit to preach out against immodesty and warn the people.