Olympics Still Months Away, Swimmer Brings Home Gold

In Phelps's case, the decision was made easier when Speedo agreed to pay his future college tuition, along with endorsement money. The initial contract went out to 2005. Last fall it was extended to 2009 -- sweetened with the $1 million seven-gold-medal Spitz challenge.

That idea, Isaac says, originated with Carlisle, Phelps's agent.

"It's created a huge buzz," says Evan B. Morgenstein, president of Premier Management Group, which represents a host of other top-flight swimmers. "Speedo's the big winner; we'll see if Michael is."

It was also touted as "inventive and memorable advertising" in the annual report of Speedo's parent company, the apparel giant, Warnaco Group.

"The bonus has been worth every bit of it, even if he's not able to achieve that very, very difficult goal," Isaac says. "Because it really raised the profile of swimming, and Michael Phelps in particular, in the public's eye."

It's also been good for Speedo. "No doubt about it. A lot of people wouldn't have written about our sponsorship deal with Michael if it wasn't for that bonus clause."

An Ever-Expanding 'Team'

Just before 8 on a rainy night in April, the crowd in the glittering New York Athletic Club, just off Central Park, began to drift from the 9th-floor Card Room to the carpeted lounge next door.

The occasion was the announcement of the winner of the 74th annual Sullivan Award for athletic achievement in the previous year.

One of the most venerable honors in sports, it has been awarded by the Amateur Athletic Union since 1930. Athletes such as Peyton Manning, Carl Lewis and Spitz have won in the past.

The award bills itself as "honoring America's top amateur athlete." But big-name amateurs can be hard to find these days. And the AAU recently started accepting the nominations of some athletes who are not amateurs, according to an AAU spokesman.

This year Phelps was one of the five finalists, along with basketball stars James and Taurasi, masters track star Philippa Raschker, and speed skater Apolo Anton Ohno.

There was excitement in the room because James and Taurasi had failed to show, and were presumed to be out of the running.

Phelps, who was present with his mother, one of his sisters, his father, his coach and his agent, joined the rest of the migration to the lounge, and then, bathed in a spotlight, was summoned to the stage with Ohno and Raschker.

Film clips of the finalists' achievements were shown, a few speeches were made, and a female emcee opened the award envelope. "The recipient of the 2003 AAU Sullivan Award," she said, "is Michael Phelps."

The room burst into whoops and applause. Phelps's family and coach beamed from the audience. He smiled and waved, and then took to the podium.