What do you get when several old men gather for a meeting? A stench only Pepé le Pew could ignore.
There is no polite way to say, "I'm so sorry, you stink. Your cologne choice is terrible and application too liberal. Please limit yourself to one spritz before you leave work. No reapplications during the day."
I tried talking to a manager, to have him say something, but I don't think it's been done. If it has, the message didn't stick. I don't think he's said anything, though. It's awkward, I understand. But that's why they pay you the big bucks.
Moral of the story: no matter how much you like your fragrance choice, chances are not everyone does. Be considerate.