Lets not forget Buffalo did host the world's second largest amateur sporting event in 1993 with the World University Games. A WNY Athletes Village could be created for the events being held here. In Vancouver there was a second village in Whistler for the skiing events. Also Toronto is only 29 miles away by water. A temporary ferry service could be set up between Toronto and say Olcott, thereby reducing the time to travel. IIRC there is another bridge between the Whirlpool and Lewiston Queenston Bridges not in use since 9/11. This could be used as an Olympics Only Bridge for the games. Also if someone really wants to go overboard, a Chunnel Type Project could be constructed between Toronto and somewhere in Niagara County. Which would be great if the Bills built a new stadium in Niagara County.
This all being said, it is not going to happen.