I think physical activity is essential, and too many kids get too little of it. I think there is value in organized activities where kids learn to be part of a team. However, I don't think everyone is slated to be a major league athlete, and a lot of kids get sucked into such intense programs that they don't really enjoy. The family spends a fortune, the kids are traveling all the time, and they don't get to do anything else.
You really have to figure out your values, first of all. Then you have to decide why you feel the pressure now, at the elementary level, to decide what they're going to want to do in high school. And why that's important to you.
My son had no interest in the level of dedication required of any one particular sport. He did a few recreation programs related to soccer and basketball, but no travel teams. He is an all-around athlete, enjoys lots of different kids, and so on. But he never had a burning desire to do any particular sport. He had friends who were getting up at 5 AM to get to the hockey rink, and others who traveled so much on baseball teams that they weren't around for other school and town activities (dances, etc.). He also had tons of friends who got together after school to play frisbee and roller blade and ride bikes - so he got plenty of exercise and lots of socialization without being involved in a ton of things that required 100% dedication to a single sport.
When he got to high school, he watched all kinds of kids devastated because they didn't make certain teams. When he didn't make the basketball team, he wandered over to the track team, and found a group that didn't cut anyone! The first year was designed for kids to experiment with different events (short, medium, long distances, plus field events like jumping and throwing), and they learned to just get in shape and work against themselves, bettering their times and distances. Every season, the cross country, indoor, and outdoor track teams had a group of kids who really loved the events, but a whole bunch more who got cut from teams with a limited roster, as well as kids who weren't playing a team sport that season but wanted to stay in shape for something the next season. Track & field offered a chance for that.
I loved the healthy attitude of the coach, who encouraged kids to apply themselves and to work to improve from their last practice or meet. Every kid cheered for every other kid - so the elite runners were standing at the finish line cheering for the overweight slow kid who was just getting started - but that kid continued to improve and be encouraged!
My son wound up being a great distance runner who won a lot of races, but the best thing was that it was something he chose at an older age. A lot of kids started at one thing (e.g. hurdles) but found they were better at something else (e.g. mid-distance). There was a lot of room to change, and good coaching from a staff trained to see kids' abilities and strengths.
If a kid knows at age 5 that he loves baseball and will always want to devote the time to it, fine. But most kids don't know that, and they get so used to being in one sport that they never have a chance to explore other things. And the financial investment in fees, equipment and gasoline to get them and their parents to high levels becomes a guilt-inducing factor for some.
There are entirely different skill areas and enjoyment areas that kids need to have the chance to explore. One kid on our street is totally into the choral groups and school musicals, and another is intrigued by politics and has immersed himself in that, virtually running the local efforts to elect a US Senate candidate. Neither kid has any interest in sports at all, and their parents didn't push it.
I also listen to my neighbors with kids in elementary and middle school, and so many of them are absolutely miserable with schedules, early start times, late night games (leaving no time for homework). They complain, complain, complain and are always yelling at their kids to get into the car with their uniforms and equipment and permission slips.
And teachers will tell you that kids are so over-scheduled that they cannot fill their down time with any spontaneous activities, they can't think critically, and they lack creativity. So I think it's essential to find the positive in sports but allow for kids to do some other things and express their many interests.