Preheat oven to 350 degrees. Prepare a 9×13 pan with cooking spray. Cover the bottom of pan with 4 tortillas. Sprinkle with half of the green chiles, olives, cheeses, and corn.
Repeat the layers one more time, ending with cheese on top.
In a medium bowl, beat the eggs, milk, salt, black pepper, and cayenne pepper. Pour over the layered corn tortilla ingredients. Refrigerate for 30 minutes (or overnight).
Bake for 40-50 minutes, until the strata is bubbly and puffed up. Let cool for 5 minutes, and serve with fresh chopped jalapeño, feta or other crumbled cheese, and fresh cilantro.