Anyway, as comforting as your husband's theory may be, it's riddled with holes:
1) I believe there are much smaller countries like Hungary and Germany that seem to do much better than Canada in the medals department.
2) I believe that there are much larger countries like Brazil who do worse
3) The number of atletes entered per country is limited. This is good IMHO because otherwise the Olys would be named USA vs. USSR.

The flip side of this is that there are US and Russian athletes watching on TV at home who are probably much better athletes than many whom are competing on an Oly stage, while they instead sit on a sofa. That must be frustrating too.
Japan is tiny, yet they are currently dominating the ladies skating. China is huge, yet Chen Lu stood out as their one and only skater.
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