Preheat oven to 350 degrees F. Coat a 9-inch pie plate with nonstick cooking spray.
In a medium skillet combine sausage, pepperoni, sweet pepper, and mushrooms. Cook over medium-high heat until vegetables begin to soften, about 5 minutes. Transfer to a medium bowl.
Add cream cheese, mozzarella cheese, and pizza sauce to cooked pepperoni mixture and stir to combine. Transfer cheese mixture to the prepared pie plate and spread to an even layer. Sprinkle top of mixture with cheddar cheese. Place olives on top of the cheddar cheese to resemble the lines of a basketball.
Bake dip about 20 minutes or until bubbly and heated through. Serve with assorted crackers and veggie dippers.