My son is involved in a very intense sport after school five days a week and some weekends. One and a half to two hours of intense aerobic exercise after school (not a sport where you have a lot of rest time).
We are considering waving PE and asking that he continue with his online class that he started this summer during PE time...in the library. Some kids get PE waved so that they can get intensive reading if they are below grade level. My argument will be he has the daily activity and his gifted needs will be met better with the additional academic activity. (I also think PE will be horrible for him in that he doesn't like typical sports and might be a target for unpleasantness). His online class will not take the entire period and I hope that he can also work on homework or read. He loves to read and during the school year he has to find time to slip it in.
I don't know how my request will be received so I will just have to see.