The Olympics is ALL about the Best playing against the Best.
This current format has been working just fine for the people that play. There are PLENTY of people that have been competing this way for YEARS.
Since you are afraid to play against the Best, Don't play. The current Olympic players RISE up and don't shrink away from the challenge. Yahoo Olympic Players playing for a Medal won EIGHT out of TEN events this last month.
Changing the rules of the event to suit you, would end up in much lower turnout.