The problem is that Olympians are kind of just by definition outliers. Is this competitor a cheater because he can sustain 20 watts higher than others for most of the race? Or is he just a physical outlier who made it to the Olympics because of his unusual power output?
This would theoretically detect the opposite. The power meter (on the crank arm) detects force applied on the pedal. The discrepancy would be if they're overtaking other racers pedalling the same wattage.