How Much Ad Gold Will Phelps Mine?

Olympic Golden Boy's Reported $5-7M Income Could Reach $60M After Games, Some Experts Say

(CBS)  Michael Phelps already has more Olympic gold medals than anyone, ever, and he hopes to break Mark Spitz' record of seven golds in one Olympics by capturing eight in Beijing.

The 23-year-old swimmer from Baltimore is also making waves on Madison Avenue, where experts are guessing how much gold is waiting for him when these Games conclude.

Phelps is already taking in a reported $5-7 million a year from endorsements, and Adweek advertising critic Barbara Lippert says that may grow by leaps and bounds.

"People are saying it could be six or seven times that, it could be 30 to 60 million (in the short-run, at least)," she told The Early Show's Dave Price Friday. "But the thing is, he has all this other stuff ahead of him. He might have another Olympics ahead of him. He really has to go slow and be careful and be authentic. If he goes all Ed McMahon on us, people are not gonna like him. There's gonna be some backlash."

Lippert observed that, "Phelps is not a chiseled face, but he's a god. He works so hard. He has so much focus. And he has so much composure over so much stress. That's what advertisers are looking for. He's like a super-American. It's like he came back from the future to show us how good we can be."

Could he be the next Michael Jordan?

"That's a very good comparison, because they're both sort of super-human. And, with Michael Jordan, no matter how many times he decided to retire, we still loved him. And he does so many products, and we don't hate him."

Does Lippert see Phelps grabbing all the money now that he can, while he can?

"I don't think he's that type," she responded. "I mean, I think he's gonna take a lot. But I think he's super-competitive. He always wants to work. He doesn't necessarily want to sell out. One agent was saying he should do 'Dancing with the Stars.' I think that's cheesy, and he's not going to do something like that."

So, Price wondered, does he need to be like Tiger Woods is, stepping back and being selective?

"Exactly," Lippert replied. "The problem is, he's only in the news every four years, and that makes it harder to become the next Michael Jordan or the next Tiger Woods. Plus, there's more nobility associated with an Olympic athlete. So, we hope he's really careful."

[magwatt]

I think he''s a great competitor. Maybe kids will see that you don''t have to look like a movie star to be something amazing. He''s handsome,yes, but that is not the reason people love to watch him. They love seeing him compete...and win!

[wmbrashier]

Not handsome?
He''s adorable.
Charming!
Admirable!
Role-model!

[wmbrashier]

Not handsome?
He''s adorable.
Charming!
Admirable!

[furball42]

so he''s not handsome. maybe kids will be inspired to work hard at something also.