So, exactly how you'd expect them to then?
Once all is rendered, it triggers an approval process by the agency and then by AT&T/NBC and, 5 minutes later, the commercial goes live. That's how I'd want to do it. Perhaps there is also Olympic committee approval, FCC involvement... who knows what other regulations they need to jump through.
They did the same shot 100's of times and just picked the one off the shelf that matched the swimmers time.
Still worked.
edit: it's worth bearing in mind that this could be still hack-worthy given the unmentioned, and probably many, constraints created by the broadcast TV business.
I'd disagree.
I have seen adverts for live odds* which, according to the smallprint are up-to-date within 30 seconds.
*not Olympics