So maybe just limit the total # of events an Olympian can compete in? They should do something... just because they've added 8405 events in swimming doesn't mean all swimmers are the best Olympians.
I don't think it's necessary or prudent. If you are the best at something, you should be able to compete in that event. Every once in a while, a guy like Phelps will come along who can dominate in almost all the events. I can live with that.