If it must be Team Anything.
A single British football team for London in 2012? I can't see why not. Regular readers will be aware of my distinct scepticism about the cultural importance of professional football, but amateurs and professionals alike need to face the fact that not only does the rest of the world find it completely incomprehensible that we get to enter four teams, but we are in any case increasingly unlikely to enter any of them in practice.
As soon as the Americans, and various hugely populous African and Asian countries, started to take international football seriously, then so much as future qualification for the World Cup (in particular) became impossible for England eventually, and for Scotland, Wales and Northern Ireland immediately. Indeed, even England cannot any longer guarantee qualification for the European Championship.
Which would be fine by me, if total British non-qualification meant total British non-televisation. But if for some reason you do not take this view, then "Team UK" (if you must) offers the only hope, whether at amateur or at professional level.