If you are a fan of sports like soccer or basketball, you know how boring the game is without commentary. The commentators kind of give life to the game and provide a unique, exciting, and intelligent account of the game. Previously there was no commentary on esports events. But over time as esports gained more fame, we get to see commentary in almost every large esports event and even in smaller ones. The commentators commentating on the great plays of legendary players give motivation to new players and viewers. Great commentary on a great play makes the play feel way better than it is. Amazing montages are created on the compilation of awesome plays of a player. Can you imagine how awesome it would be to see a montage of your favorite coder making clutches in the final minutes of a big competition?
So I think in order to make CP more popular and fun, we should have commentators and they should commentate on the screencast of players. Currently, we have this feature on lockout competitions which is great. But I think commentary on a big competition would have a much bigger impact. Commentators can analyze how a contestant solved a problem and how another contestant solved it and review the leaderboard each hour of the contest. They can hype up the viewers when a contestant overtakes another contestant. And at the end, they can interview the winners in a virtual call.
While it is really hard to implement this on regular online contests like Codeforces, Codechef, and Atcoder contests because of the difficulty of getting commentators, and contestants disagreeing to share their screencast live, it would certainly be a great initiative. The commentators can only commentate on the screencast of first solvers of a problem and the top 10 contestants. The memory of the contest can stay forever on youtube or other video-sharing sites. And it can have a spectacular impact on big international competitions like ICPC and IOI. It would make the competition more fun for the viewers and also teach other coders by seeing how a great coder solves a problem in a big competition. The live stream of the competition will also have much more viewers. I think it is much easier to implement it on an onsite competition like IOI, because the computers can be set up by the hosts.
If we can implement it, I think CP can reach a much higher position on the world stage. Perhaps we can also have CP world cups like soccer?
You missed the most important thing
Cheerleaders
IOI already has something like this I think.. atleast IOI 2018 did.
Screencast commentary on online competitions is a really bad idea- because you know, cheaters.
*Football
But... It already exists... For example, there are many ICPC commentary.
Back when TopCoder had a lot of money, they hired an ESPN commentator (Jeremy Schaap) to host their webcast for TopCoder Collegiate Challenge 2006 and TopCoder Open 2007 along with two top competitors, John Dethridge and Ken Vogel. The man was a pro, it worked surprisingly well!
I don't think full-resolution videos are available, but maybe Topcoder_Updates still has them. An extremely low-resolution version of the TCO '07 webcast is still up, as well as the trailer for the TCCC '06 webcast ($200,000 in prizes!) (UPD: Even those are inacessible now, but I have a backup on Google Drive). I couldn't find a low-res version of the TCO '07 webcast, and the higher-res version does not work, since it is behind an RTMP streaming server which is probably deactivated (the stream doesn't work even if you install Flash, it points here). Perhaps I should point out that "high-res" here means 240p and "low-res" means 120p :) This was in 2006 after all.
One really funny thing: Part 2 of the TCO '07 webcast starts with a video clip interview with ivan.metelsky, who won an earlier tournament. It then cuts back to the commentators, where Schaap says "No Belarusians in our finals here at the 2007 TopCoder Open, but you have to expect, with that kind of interest there, maybe in the next few years we will see more Belarusians." I don't remember if this was before or after tourist was banned from TopCoder for being under 13 (due to a US law called COPPA).
(Edit: TopCoder's format, with a separate challenge/hacking phase, was really good for excitement too. I still remember the insane TCO '08 finals challenge phase between Petr and tomek, even though I wasn't watching video or audio! And I'm not the only one)