Mixed Martial Arts would make a great Olympic sport. Its unique mixture of required skills would bring a new crop of athletes to the Olympics, while also encouraging multi-sport crossovers within Olympic teams. MMA could make the cut in the future. It would take some work, a whole lot of time and changes, and probably more patience than the average fan possesses, but it could be done. Should some entity in the MMA world attempt to move the sport in that direction?
In the Ancient Olympics, MMA was known as Pankration, meaning "all powers." Of course, in the Ancient Greek tradition, competitors were naked and oiled, and rules were extremely liberal. Today's Unified Rules of Mixed Martial Arts have gone a long way to make the sport palatable to modern audiences. However, MMA will not be admitted in the Olympics under existing rules.
The Olympic goal presents a great opportunity to review the sport's current rules and develop a separate set of amateur rules. Look to boxing for an example. Olympic and Amateur bouts make use of protective headgear and shorter fights.