Michael Phelps Issues Apology for Marijuana Photograph

When you're sitting on top of the world, you always have a long way to fall. Michael Phelps is experiencing that unfortunate sensation at the moment, after a picture of him smoking a marijuana bong at a party near the University of South Carolina in November surfaced recently in a British newspaper. Phelps has not denied smoking marijuana during the incident - it would be almost impossible to do so - and he has been quick to acknowledge that it was a mistake and lapse in judgment.

For Phelps, this isn't the first time he's had to explain his actions. After winning six gold medals in the 2004 Olympics, Phelps was arrested for driving under the influence of alcohol when visiting a college campus in Maryland. Phelps was 19 at the time of that arrest.

Now Phelps is faced with a bit more serious issue, as he is now the most celebrated athlete to have emerged from the 2008 Olympics in Beijing and his - arguably - the most popular Olympic athlete in history. He has shattered the earnings expectations for any Olympian, especially swimmers, and his endorsement potential was estimated at $100 Million after the games. He will certainly lose some endorsement deals as a result of this gaffe, but he will also be set financially, so long as he does not make a habit of these types of revelations.

Ultimately, the issue here is age and handling. Phelps is still just 23 years old and most of his peers, outside of the Olympic world, are into partying and enjoying their first years out of college. He wants to be a part of that world, too. Unfortunately, he really can't in a traditional sense. He's an international celebrity that will need to start managing his image for the remainder of his swimming career. Phelps really only needs to maintain control for another 4 years or so, after which time he'll likely be past his swimming prime. Then he can go ahead and smoke whatever he wants without any financial consequence.