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DENVER, Colorado (CBS 5 / AP / BCN) ― San Francisco remains in the running to be the American city bidding to host the 2016 Summer Olympics

The U.S. Olympic Committee eliminated Houston and Philadelphia as candidate cities for the 2016 Games on Wednesday, leaving San Francisco along with Los Angeles and Chicago in the running for what many consider to be America's best shot at landing a Summer Olympics.

The USOC won't decide until later this year whether it even will bid for the 2016 Games. If it does, it will pick a city by the end of next March. The International Olympic Committee will pick the winning site in 2009.

"Based upon the initial plans submitted by Chicago, Los Angeles and San Francisco, the potential for a very competitive, high quality international bid exists in each city," USOC Vice President Bob Ctvrtlik said. "All three offer the potential for a dramatic Olympic legacy."

San Francisco Mayor Gavin Newsom said a Bay Area Olympics would provide a stunning setting for the Games, with marathoners crossing the Golden Gate Bridge, cyclists pedaling through the Presidio and sailors navigating the scenic bay.

"We strongly believe that San Francisco's international appeal, and the strength of our regional bid, will be significant advantages in our effort to host the 2016 Olympic Games," Newsom said following the short list announcement.

The USOC appointed a four-person committee to evaluate information provided by the cities, including ideas for an Olympic stadium, an Olympic village and the amount of local and regional government support they would expect to receive. A USOC delegation also visited San Francisco on May 18, meeting with Newsom and other officials.

In addition, the committee said it reviewed international polling on whether the time is right for an American city to host the Olympics and which city might have the best chance to win the bid.

"All five cities that have participated in this process are capable of one day hosting the Olympic Games," said Peter
Ueberroth, the USOC chairman and the architect of the profit-making 1984 Games in Los Angeles. "From the outset, we have said this process is about identifying the one U.S. city that has the best chance of being competitive in the international race. If we do not believe a U.S. city can be competitive, we will not bid."

Many people believe 2016 is the best chance for the United States to land a Summer Olympics in the near future. It is believed the IOC would like to put games in Africa and South America, two continents that have never hosted the games, in 2020 and 2024.

The U.S. has not hosted the Summer Games since the 1996 Atlanta Olympics. The 2002 Winter Olympics were held in Salt Lake City.

Other cities that have expressed interest in hosting the 2016 Games include Rome and Milan in Italy; Madrid, Spain; Hamburg, Germany, and the Japanese cities of Tokyo and Fukuoka.

Among the factors that will weigh into any bid is the amount of revenue the 2016 Olympics can be expected to produce -- and how much will go to the host country. A big chunk of that revenue comes from TV rights, and the U.S. Olympic TV rights are sold only through 2012.

Among the two eliminated cities, Houston Mayor Bill White had touted his city's leadership and financial resources, including several Fortune 500 companies -- while Philadelphia had pointed to its storied past in American history.

Of the remaining candidates to challenge San Francisco, Los Angeles is citing its diversity as a strong point and the availability of 38 Olympic-quality venues since it has hosted two Summer Games. Mayor Antonio Villaraigosa also has suggested the events will be easier to get to than in 1984.

Chicago, meanwhile, promised support from corporations, compact events framed by Lake Michigan's shoreline, mass transit and, like Los Angeles, ethnic diversity.

Ueberroth said San Francisco and the other two offer promising details.

"However, having said that, as we move forward we will provide each of the cities with specific and, in some cases, significant recommendations to enhance and improve their plans to prepare them for the critical phase of international competition that might lie ahead," he said.

(© 2006 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)