In November, devoted Colbert fans known as the Colbert Nation became the official primary sponsor of U.S. Speedskating. The team's largest annual cash sponsor, DSB Bank NV, left the team in the lurch after it declared bankruptcy in October.
With contributions from fans, more than $250,000 has been raised.
Colbert has made Olympics-related material a nearly nightly fixture on his show.
Other celebrities have appeared on the cover of Sports Illustrated, including late actor Bob Hope in 1963 and comedian Chris Rock in 2000.