I'm pretty sure that one or two will be honoured in some way to go with their gold post box and stamps. Perhaps they will do it the Forces way and honour the heads who are supposed to receive it on behalf of the others (excuse me while I choke);-)
The stamps have so far cost me over £100 and the thought of dozens more in the Para Olympics is going to cost me even more despite hearing that their stamps will be in sets of two rather than six like the others. I will also have to factor in the cost of the album sheets to hold all these mini sheets...what a field day for Stanley Gibbons.
I'm glad it happened for probably the last time in my life.
Honours are also rationed. I suspect only 2 knighthoods or damehoods - to go to people with long history in successive Games (Like Redgrave), CBE's for multi gold winners, OBE's and MBE's for others (less rationing as you go down the scale) Coe o get a CH or (less likely) a OM.
I have long been critical of the honours list and the way they are dished out. My own view is that honours should be reserved for people who have made a difference doing what I call 'extra curricula' activities. The honours seem to go to people who have been doing what they are paid to do, usually quite well, rather than those who utilise their skills, spare time and money for the greater good. Services to art,entertainment, sport etc.?? I don't think so!!
Seb Coe was made a Lord because he failed miserably as an MP, and the Tories wanted to keep him close. Maybe we can now consider he's earned that title and keep it at that.
As for honours being given to people who've earned them, whoever thought of that idea, they've always been dished out to those in favour, it's just the target has shifted from the landed gentry to pop-stars & sports people.
Very few people do anything special to earn major honours, for that you need to look at the MBE section of the list...
Seb Coe represented Falmouth and Camborne which is/was in LibDem land with strong Labour tendencies due to the port and mining. His predecessor as MP could well have been elected on personality and Coe followed. He probably did well to come second in 1997.