Is there a limit on how fast the Olympics 100 meters can be ran?

Yes, there is. Call the sequence of Olympic World Record times since the games' inception: {tn, n in N}, with tn being a given Olympic Game's 100 meters World Record and tn+1 being the next Olympic Game's World Record (after 4 years).

Some facts about {tn}:
1) The sequence of times is strictly decreasing, by the very definition of what "World Record Time" means. In particular: tn+1 < tn, for all n in N.
2) The sequence of times is obviously bounded below, since no athlete can run the 100 meters in 0 seconds. In particular: tn > 0, for all n in N.
Since {tn} is strictly decreasing and bounded below by 0, it converges to a limit. What is this limit? Nobody knows, of course, but assuming a relatively small variation on the body type, (i.e., if humans don't develop wings any time soon) it certainly looks like a positive number, very close to the current World Record.

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