Oh yes, it's changed hugely over the years.
//The International Olympic Committee eliminated the necessity of amateurism in 1971, allowing athletes to receive compensation for time away from work during training and competition. In addition, athletes were permitted to receive sponsorship from national organizations, sports organizations, and private businesses for the first time. In 1986, professional athletes were given permission by the International Federation to compete in each sport of the Olympic Games. For instance, in the 1992 Olympic Games, the United States was allowed to field a basketball team comprised of well-paid NBA stars, called "The Dream Team."//
Source
http://www.infoplease.com/spot/olympic-athletes.html
Many more in depth resources on the whole timeline out there.