I agree that the discussion is moot, but for different reasons. I think that we'll get the Olympics before the NFL. Given the dismal showing of the Bills series here in Toronto, I don't think there is as much of an appetite for live NFL football in Toronto as people seem to believe. In addition, we know that the NFL and CFL have had co-operative agreements before and though the CFL wouldn't die with the arrival of a Toronto NFL team, it would be seriously disabled. I don't think the NFL wants to be responsible for the death of a unique form of football.
I should also say that I believe we'll get the Olympics before we get an NFL team for the reasons I just stated and a few others. Success with the Pan Am Games is generally considered a warm-up for the Olympics (and in fact there are more athletes at the Pan Am Games anyway). Also, Toronto has bid three times (I think) and been the victim of consequences out of their control (corruption, need to appease China). So, as it's been discussed in other threads, as long as Quebec City doesn't get the winter games, Toronto will have a good shot.