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There are many different types of bicycle races.

sport description Olympics UCI ProTour nice videos near Chicago
Time trial No drafting (very similar to a triathlon). yes yes [1] [2] [1]
Criterium Short (<3miles), sharp corners. no ? [1] [2] [3] [1]
Cyclo-cross Road bikes, but offroad. Done in the off-season for cross-training. no [1] [2] [1] [2]
Pursuit Start at opposite sides of the track, and attempt to catch up to the other. yes [1] [2]
Sprint Unusually tactical, bordering on playful. Going slowly and stopping are viable strategies. yes [1] [2] [3] [4]
Keirin 2km 6-9 person race. Japanese-originated, one of the four gambling sports there. yes [1] [2]
Madison A six-day race with two-man tag teams. yes
Tandem sprint If it's not the gayest thing you've ever seen, it's a very close second.
(and this is third)
[1] [2]
Downhill Insane. [1] [2]
Trials Hop between obstacles. Main rule: don't put your foot down. [1]