Most new events are just two old sports combined to form one new sport. You can have a lot of fun combining two random sports and coming up with something original.
My favorite idea so far: Greco-Roman Diving. Just picture it: the diver is poised, motionless, at the edge of the 10 meter platform. Just before he dives, he gets jumped by a wrestler, and they grapple through the air all the way down to the water. I would SO watch that, and laugh my ass off every second of it.
You may think you’re kidding but a few years back there was an honest effort to bring a modern Pankration event to the 2004 Athens Olympics.
Something very similar to modern MMA. I read an article on it; like Olympic boxing they’d wear headgear (some kind of soft helmet with a clear face shield, I assume that they didn’t want it to be as bloody as many full-contact martial arts).