In my experience with gaming, it is best to avoid any image processing or change to original data that can give rise to suspicions of veracity. There should be some means of ensuring impartiality among the discrete events.
I have the same opinion about multiple cameras so long as any data is not redundant for the event.
My experience is with horse racing. My education is in imaging science. My interest is psychology.
I would choose a point of view directly above the "finish line" to capture the result of the competition.
I would choose a point of view directly above the "fifty-yard line" to capture the relative progress of the competitors.
I would choose a point of view directly above the "start line" to capture the beginning of the event.
In addition to sensors, a calibrated track should also used to aid the interpretation of the competitors' relative progress during the event. The concept is similar to the mile markers used on some US highways to aid aerial spotters to determine illegal car speeds. Lines, dots, squares, anything to use as a reference mark that is the same among the competitors will be suitable.
The kind of lens should be considered in addition to focal length/field of view.
The accurate linear rate-of-change of the image across the image plane might call for a linear "f-theta" lens. (Pictorial lenses are "f-sine-theta" lenses.)
EDIT: For human consumption, I would use a split screen showing multiple camera angles. I would use an overhead view, an eye-level oncoming view, and an oblique "over the shoulder view" of the finish line as seen from the start.
Second EDIT: Take some time to verify that your device can be calibrated with a "standard" competitor to give consistent, unbiased, and consistent results.
Place your bets!