Equipment:
Balls: Shot Put and Discus.
A measuring tape to record distance.
A stop watch to record times.

Description:
Track and field covers a wide spectrum of athletic activities. For our Olympic events we are going to have running events, shot put, discus, and the long jump. All of these activities can be performed solo or as a team of 2 or more.
Depending on the ages of your children, the running events can be as simple as who can run across the backyard the fastest, to who can run around the block or run a mile fastest.
The shot put and discus events can be performed using any ball you think is age appropriate such as a tennis ball for little ones to dodge balls or baseballs for the older kids. The shot put is a 1-2-3 straight throwing event, but three, four, and five-year-olds can have fun with the discus because they can spin around 3 times before they throw the ball (and they love to get dizzy anyway).
The long jump is pretty straightforward: Who can jump the farthest from a single starting point?

Other comments or suggestions:
You can make your own gold, silver and bronze medals with construction paper and ribbons.
Or rewards can be food based: ice cream, cookies, and chips.
Or rewards can be chore based: 1 free night no dishes, 1 free day of not making your bed, 1 extra hour of TV time.
Have fun with it. Let the family decide beforehand what today's Olympic rewards will be.