Michael Phelps the Earning, Calorie Burning Champion

If you’ve stayed up late all week just to watch one dude in Speedos (WRC) swim into the history books, you may have Phelps fever. Don’t worry, everything will return to normal once the Olympics wrap up.

But in the meantime, 23-year-old Michael Phelps is now the winningest Olympian ever – 11 career gold medals can do that. And while we can be sure Phelps’ face will be on magazine covers, television ads and boxes of cereal in the coming months, there’s no doubt new and richer endorsement deals will be swimming in.

Phelps is already living large thanks to multiyear deals with Omega watches, AT&T (T) PowerBar and Visa, (V) whose logo he “inadvertently” displayed at the US Olympic Trials in Omaha, Neb.—corporate logos are forbidden on swimming caps (except Speedo, of course). But in July, Phelps removed his cap after winning his heat, only to reveal another cap bearing Visa’s logo! A disqualification was possible but officials ruled Phelps’ mishap unintentional. It was a rich mistake: The gold medal swimmer has been endorsed by Visa since 2002, and is believed to earn $10,000 a year—not including bonuses—from the credit card company.

With all of the endorsement deals, including the one signed with Matsunichi, a Hong Kong-based electronics company , Phelps makes an estimated $5 million a year. He could possibly earn another $1 million courtesy of Speedo if he ties Mark Spitz’s 1972 record of seven gold medals in a single Olympics. It’s the second time swimsuit -maker, Speedo, will offer the prize – in 2004 Phelps failed to win seven gold medals.