Take away Olympia wins by competitors after.
Arnold beat Sergio who had 3 wins already
Arnold beat Zane who had 3 wins already
Arnold beat Franco who had 1 win already in 76 and a Mr Olympia under 200 pounds title from 75.
Haney beat Sergio who had 3 wins already and Bannout 1 win
Who did Yates beat that had already won the Mr Olympia?
Who did Coleman beat who had already won Mr Olympia?
Zane beat Franco
Dickerson beat Zane and Franco
A case could be made that Cutler has the record by beating Coleman with 8 wins and Ninja turtle with 1
Phil Heath beat Ninja Turtle and Cutler
So Cutler technically has the record but Arnold has the highest number of competitors showing the strength and diversity he competed against.
Arnold wins again!