Only if you film it for national TV and have referees and stuff.
And awards, gotta have awards. Not sure if we'd want winners for each event, Olympic style, or acrue points towards a loving cup (what a terrible pun) to award at season's end.
I imagine the basic competition format would be a 2-man team, although I suppose you could have solo, too. Scoring points for things like style, speed, distance. And perhaps performed to music.
You could also do larger teams, of 3s or 4s, even more I suppose, but you don't want it degrading into an disorderly orgy. Maybe use synchronized swimming as an inspiration & model. Call it The Synchronized Sex Event.