GoNintendo has a scan of the image, which teases a reveal in the next issue and clearly shows Mario and Sonic. SegaNerds roughly translates the text as: "Games, Olympics, Cold, It's winter." How ... elegant.
Oh, and who would be to blame for another button-mashing, waggle-infused minigame fest on the Wii? That would be the five million (and counting) people who bought the first title. Let's see if those folks will come back for a second, colder dose.