Equipment:
A trampoline

Description:
A circus trapeze artist named Du Trampolin is credited for the development of the first trampoline. He realized that trampolines could be used as a safe landing device for trapeze artists and as well as a fun form of self-propulsion.
There are two Olympic routines required for the trampoline. The compulsory routine (depending on age and skill level of your children) can include jumping up and down, hopping on one foot and creative arm and leg movements in the air. The voluntary routine can be an exhibition of your child's greatest efforts. Scoring should be based on creativity, difficulty and enthusiasm.
And please keep in mind these trampoline safety tips. Children should not be allowed on the trampoline without adult supervision. Allow only one person at a time on the trampoline. Keep other objects (toys, lawn furniture and swing sets) away from the surrounding area of the trampoline. No child under the age of 6 should be allowed on a full-size trampoline.

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.