The year's US Olympic team will be sporting preppy styles and miniature polo players. That's according to an announcement yesterday that none other than Ralph Lauren himself will be outfitting the Team USA during the opening ceremony. That is, if the torch makes it there in tact.

Ralph and Co. are taking over the project after the USOC ended its lovefest with Canadian fashion shop Roots Ltd. -- which has had the contract for the last 3 Olympics. Apparently, the committee was looking for something a little more formal for this year's Olympians. The head officer of the USOC told Lauren that his inspiration for this year is Chariots of Fire, so expect lots of V-neck sweaters and blue sport coats.