Watching the Olympics can encourage young athletes. Some of our best Olympians have been homeschooled. It makes it much easier to get an education and have the time needed to practice your sport.
Watching the Olympics together, and incorporating that into your homeschool can be included in your physical education class. Read this article on Physical Education Outside the Box for more on drawing outside the lines for PE class.
Watching the Olympics can help you redefine what you consider a sport. This is a list of all the sports for the winter and summer Olympics currently. I tell people all the time, if your child is doing something that's an Olympic sport, then it definitely counts as Physical Education class.
Cross Country Skiing
Short Track Speed Skating
I love how this list for winter includes sledding, skating and skiing. You can include that on your homeschool PE course description. Those are sports, and they count for PE, even though they are tremendous fun.
Cycling Mountain Bike
Equestrian / Dressage
Equestrian / Eventing
Equestrian / Jumping
The summer Olympic sports are my favorite, because it includes things than homeschoolers may do all the time, but don't think of them as PE. For example, shooting, horses, ping-pong, and trampoline. These are true- blue sports, and they can really be included in your homeschool PE class.
I have a list of fun activities for the Olympics on my Pinterest Board. Check it out, you might have even more fun!