Once upon a time, the Olympics were a premiere and risk-free advertising opportunity. But that's all changing with the upcoming Summer Games in Beijing. Going in, advertisers had to know about China's oppressive pollution, deplorable human rights record, and censorship of news and ideas.

Of course, the Olympics and its corporate sponsors weren't responsible for these crimes. And what an opportunity it presented for a brand: A showcase before an emerging economic power on a global stage that celebrates friendship and peace through sport.

In any case, if China's credentials were good enough for the International Olympic Committee, they must be good enough for multinational corporations, right?

Maybe not.

It's probable that the debacle of the protests at torch runs in London, Paris, San Francisco, and elsewhere are only the beginning of what should be a fascinating time if you're a fan of political protests, global marketing strategy, and watching huge corporations squirm.

That's because in the past, if there was even a minute chance that any aspect of a corporate marketing campaign would make a company look bad, protocol mandated killing the spot, pulling the campaign — and, in drastic circumstances, terminating the sponsorship.

Now, with people ising worldwide to protest political and cultural oppression in Tibet, China's relationship with Sudan amid the genocide in Darfur, and the government's human rights record at home, it seems like a no-brainer: Pull the plug on the Olympic sponsorship and run away from the controversy faster than you can say lead-tainted yo-yos.

But this time it's not that easy.

Because, while backing out of an Olympic sponsorship while the entire world is watching might temporarily please much of the free world, it would also have an opposite and longer-lasting effect on several billion people in the planet's largest market, emerging and otherwise: China.

Surely Olympic marketers kept a close eye on the recent protests that took place in China at the French-owned Carrefour supermarkets. The Chinese protesters said they were outraged because of the French retail group's support of pro-Tibetan rights. In other words, they were protesting the protestors.

On one hand this presents a rare opportunity for non-sponsoring, citizen brands that don't care about the Chinese market to make a high-visibility value statement with their own ads.

But what are Worldwide Olympic Partners such as Coca-Cola, McDonalds, and General Electric to do? Cave in to the protests and pull out, thus infuriating its second largest and fasting-growing market, not to mention its shareholders? Or ride out the storm and risk having "the Coke side of life" tied to genocide, "I'm lovin' it" linked to censorship, and eco-friendly "Imagination at work" ads shown at the most polluted Games ever?

Of course, after weighing brand beliefs against bottom lines, they'll all stick it out and hope for the best. Too much money has already been invested and much more is at stake.

But it's a good bet that the smarter brands will consult an ideological consultant if not their conscience before plunking down millions on their next sponsorship.

by James P. Othmer

James P. Othmer is the author of the novel The Futurist and is working on a book about advertising.