Start the polenta.

Meanwhile, heat the oil in a 12-inch nonstick skillet over medium heat. Add the onion and pepper flakes and sauté until the onion is tender, about 5 minutes. Add the wine and boil until reduced by half, about 4 minutes. Add the tomatoes with their juices. Simmer until the sauce thickens slightly, breaking up the tomatoes with a wooden spoon, about 10 minutes.

Sprinkle the scallops with salt and black pepper. Add to the skillet, turn to coat with the sauce, cover and simmer until almost cooked through, about 2 minutes. Mix in the olives and thyme, and simmer until the scallops are cooked through, about 30 seconds. Taste and adjust the seasoning.

Divide the polenta between 2 warmed plates, spreading in a circle. Spoon the scallops and sauce over and serve.