Louis Vuitton

Olympian Michael Phelps shows off his swimming Speedo for fashion giant Louis Vuitton.

Lucky for us, the end of Michael Phelps’ swimming career doesn’t mean the end of him strutting his stuff in a Speedo.

Though the swimmer announced his retirement at the London 2012 Olympics, it looks like the most decorated Olympian of all time isn’t quite ready to pack up the goggles and call it a day — especially when it comes to hawking handbags.

What is the first of what will probably be a maelstrom of product endorsements by Phelps, Louis Vuitton just unveiled a new ad for its iconic bags with the famous swimmer front-and-center. The ad shows Phelps, 27, giving a sultry look while reclined in a bathtub, goggles resting on his forehead. The Louis Vuitton bag is just beside him with a pair of folded jeans resting on top of it. We don't see a shirt anywhere, and that's ok with us. The campaign was reportedly shot by Annie Leibovitz. 

In another photo for the fashion brand's campaign, Phelps has apparently emerged from the bathtub squeaky clean and ready to drink tea with Larisa Latynina of Russia, 77, who held the record as the most decorated Olympian. She held the title for the last 48 years until Phelps' performance in London. Phelps now holds 22 medals, and Latynina, a former gymnast, held a record 18 medals.  

The ad marks Phelps' first post-2012 Olympics ad campaign and it comes ahead of his first television gig, a reality TV show on the Golf Channel called "The Haney Project," which follows his training by Hank Haney, the previous coach of Tiger Woods. We’d like to suggest Phelps keeps his current fashion statement of a Speedo with minimal accessories while practicing his golf swing.

It was a surprise for some fashionistas to see Phelps in the ad for the bags, as his former teammate and rival Ryan Lochte is a noted clotheshorse and lover of high fashion. Lochte was also the unofficial heartthrob of the London Olympics, and could arguably be the more likely guy ladies would like to trap in their bathroom, especially since Phelps is happily coupled with model Megan Rossee. But perhaps Lochte is just in the next bathroom over, adjusting his grills in anticipation of his closeup.

What do you think of Phelps' new ad campaign? Are you a fan? Let us know!

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As he gets set to finish his Olympic diary, Michael Phelps continues to insist that this will be the final chapter. 

The legendary swimmer has been keeping a journal in London in order to preserve his memories. There has been plenty to write about: Phelps set Olympic records last week with 18 career gold medals and 22 medals overall. Tuesday on TODAY, Phelps said that these games were his last.

“I’m done,’’ he told Matt Lauer. “I’m finished. I’m retired. I’m done. No more. The biggest thing is I can look back at my career and say I’ve done everything exactly the way I wanted to, and if you can say that, I’m happy.’’

Since his final London race Saturday, Phelps, 27, has put down his pen down to enjoy some free time. The trip back to the United States will give him time to record his thoughts.

“I kind of enjoy writing whenever I’m on the plane, so whenever I’m on the plane I’m sure I’ll go through a couple of pages and write down all the moments and experiences that I’ve had here in London,’’ Phelps said. “It’s just been incredible.’’

Phelps shared headlines with rival Ryan Lochte, who gave his own dream headline to Lauer before the Olympics began: “Ryan Lochte takes over.’’ The comment put another log in Phelps' fireplace.

“Everything fueled my fire,’’ he said. “Sort of just hearing, seeing what people were doing and saying, that really helped over the last few years. I wasn’t going to comment (on Lochte’s comment) back then, and I won’t comment now.’’

Phelps felt less pressure this time around than he did in 2008. 

“It was a lot more relaxed than the other Olympics,’’ he said. “(Coach) Bob (Bowman) and I were very laid back, and we were ready to just have some fun, and that’s what we did. It was a cool week.’’

Bowman has coached Phelps throughout his three Olympics, and the two have developed a tight bond.

“When I was walking around the pool the last time, (Bowman) was on the deck, and that’s pretty much what he said,’’ Phelps said. “He said, ‘I’m very proud of you and I love you.’ My whole career wouldn’t be anywhere close to where it is without him. We worked great together, and we’ve been able to do everything we’ve ever wanted.’’

Phelps was 15 years old when he qualified for the 2000 Olympics in Sydney but did not medal in any races. He watched in awe as 15-year-old Katie Ledecky got the gold on Friday in the 800-meter freestyle.

“It did (remind me of Sydney), but she won a medal out of it,’’ Phelps said. “That was one of the coolest races that I was able to watch this whole Olympics. I was like, ‘Oh my God, she’s really going to do it.’’’  

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Dominic Ebenbichler / Reuters

Venus and Serena Williams of the U.S. hold their gold medals during the presentation ceremony for the women's doubles tennis.

Today and tonight, during final-event leaps, heaves and sprints in the hurdles, pole vault, and gym, athletes will be competing for, living and dying for ... silver. 

Not second place, mind you. But, technically, as the winners' national anthems ring out this evening, each grinning champion will be wearing, nuzzling or even kissing carefully dressed-up medallions made almost completely out of sterling silver. 

Those cherished, sacrifice-four-years-of-your-life-to-achieve, historic golds? Oh, there's gold on there -- as a thin plating meant to cloak the 92.5 percent of the first-place prize that's comprised of silver. 

London 2012 organizers have proudly, purposely produced the heaviest gold meals in Olympic history -- each tipping the scales at 400 grams, or twice the heft of the golds handed out during the 2008 Beijing Games. But they are hardly the most valuable Olympic medals ever.

Due to that flashy gold coating, totaling 6 grams -- worth $302 in today's market -- and the remaining 394 grams of sterling silver -- valued at $318 -- the winning coins would fetch about $620 if melted down as pure metals, according to Lear Capital, a precious metals company in Los Angeles.

It's true: the London golds aren't worth their weight in gold. 

"The London (organizers), they made this coin larger than any other Olympics ever have. But you can make a gold coin fairly large if you’re just going to plate whatever’s underneath it with gold," said Kevin DeMeritt, founder of Lear Capital. "So it’s a beautiful coin .... But most of the coin is silver which really doesn’t add up to a whole lot when silver is $26 an ounce and gold is $1,600 an ounce."

Lear has crunched the metal/medal math, comparing the London golds with the top prizes doled out at Barcelona in 1992 (which would be worth $484 today), at Stockholm in 1912, the last Games during which gold medals were all-gold ($1,207 today) and at Paris in 1900 ($2,667 today). 

Now, don't feel a bit bad for athletes like Michael Phelps, who owns 18 career golds, or for the collective 2012 American team which together has scooped up 28 top medals as of Monday morning.

For starters, most of those hard-fought keepsakes will continue to gain value as sports collectables, should any ever choose to sell them. U.S. Olympic hockey player Mark Wells, a member of the famous 1980 squad, earned $310,700 for his gold medal when it was auctioned two years ago. 

Along with their neck-worn medals, American Olympians also earn honorariums from the U.S. Olympic Committee to reward their achievements: $25,000 for gold, $15,000 for silver and $10,000 for bronze. And there's now a bill, introduced by Sen. Marco Rubio R-Fla., to waive the taxes that Olympic athletes must pay on those gratuities. 

All the compensation and potential tax-cuts aside, each London gold medal still remains worth about a third as much as an autographed pair of LeBron James' kicks, $1,729.

And in future games, those top medals may become even less precious, DeMeritt predicted. 

Take, for example, the Russians, hosts of the 2014 Winter Olympics.

"Who knows?" DeMeritt said. "Maybe they'll just use copper (worth $3.35 a pound) and then plate it with gold." 

The diamond grill and Speedo aren't being retired just yet. Get ready, Rio de Janeiro, because Ryan Lochte plans to be coming your way in four years.

After winning two gold medals, two silvers and a bronze in London, the U.S. swimming star told Matt Lauer on TODAY Friday that he has his sights set on a berth in the 2016 Olympics in Brazil. Lochte also celebrated his 28th birthday on the set of TODAY with a pool-shaped cake and his signature sunglasses.   

“By all means, I’m going another four years,’’ Lochte said about his future Olympic plans. “There’s no question about it, I’m going another four.’’

TODAY

Star swimmer Ryan Lochte celebrates his 28th birthday in style on TODAY with Savannah Guthrie, Matt Lauer, and a pool-shaped cake.

Lochte will turn 32 during the 2016 Olympics, so he will be a grizzled veteran competing mostly against swimmers in their early 20s. His main rival, Olympic legend Michael Phelps, is a year younger than him at 27. Phelps has already announced that London will be the final Olympics in his brilliant career, but Lochte wants to keep competing.

“It has been a long four years, but I’m having a blast swimming,’’ Lochte said. “I love just getting up on the blocks and racing the top people in the world. I get excited for that.’’

Lochte came in second behind Phelps in the 200-meter individual medley on Thursday, his final duel in the pool with his rival. The pair split in two head-to-head races in London, with Lochte blasting to a three-second victory in the 400-meter individual medley before Phelps beat him on Thursday to bring his Olympic record to 16 gold medals and 20 overall.

“I think me and Michael is going to go down as one of the greatest rivalries in the history of swimming,’’ he said. “I’m just happy that I was a part of that.’’

Only 31 minutes after he won a bronze medal in the 200-meter backstroke on Thursday, Lochte had to regroup for his showdown in the 200 individual medley with Phelps. Phelps got out ahead of him early with a dominant butterfly leg and did not relinquish the lead.

“I knew that’s what he was going to do,’’ Lochte said. “His butterfly is so strong. That’s one of his strongest strokes, so I knew if I had any kind of a fighting chance I would have to go with him. It kind of hurt me towards the end.’’

Slideshow: Happy birthday, Ryan Lochte! Here's 12 pictures of him

Fabrice Coffrini / AFP - Getty Images

The gold medal-winning swimmer turned 28 on Friday.

Launch slideshow

The Lochte-Phelps rivalry was one of the main storylines heading into London, with many swimming experts predicting this would be Lochte’s time to shine after being in the shadow of Phelps during the 2008 Olympics. Lochte won five medals to bring his career total to 11 medals.

“I’m always going there to win,’’ Lochte said. “I’m not going there for second. I’m going there for the gold, and sometimes it happens, sometimes it doesn’t, but overall I’m pretty happy.’’

Lochte also dismissed the notion that his bulked-up physique had anything to do with his inability to dominate the way many had predicted he would. Leading up to London, he had been doing strongman workouts like flipping giant tires.

“I don’t think I bulked up too much,’’ he said. “I think it was perfect just because I’ve gotten a lot faster since I’ve gotten a lot bigger, and it’s just all the extra training that I’ve been doing. I know it helped me out a lot, so I’m just going to stay hopefully the same.’’

Leading up to London, Lochte was asked by Lauer what headline he would write about the Olympics and he replied, “Lochte takes over.’’ Now that the competition is over, he isn't sure how he would sum up his performance.

“That’s hard to say, just because I had some up-and-down swims at this Olympics,’’ Lochte said. “I’m just going to have to wait and see what the actual media says.’’

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If Ryan Lochte could have his way, Thursday’s swimming showdown with Michael Phelps would start with Lil’ Wayne blaring out of the loudspeakers, move to a stare down with Phelps and end with Lochte winning in world-record time.

Lochte will gladly settle for at least the last part becoming reality.

Before gearing up to go head-to-head with Phelps for the final time in the Olympics during the 200-meter individual medley, Lochte was asked by Matt Lauer on TODAY Thursday to describe his perfect race.

“In the middle lanes it’s me and Michael,’’ Lochte said about his dream scenario. “I look over at Phelps, and we have like a little stare-off. We’re just staring at each other like, ‘Who wants it more?’’’

Phelps is trying to add to his Olympic-record haul of 19 career medals, while Lochte is trying to take home his third gold medal in one of the most-anticipated events in London. In Lochte’s mind, he would be off the blocks quickly and neck-and-neck with Phelps before a big finish.

“I’m hitting the water like a rocket, and I’m not looking back,’’ Lochte said. “Going into the last turn, we both go underwater, and we both look at each other because we’re dead even. It’s a close race, and I just destroy everyone off the last wall. I take off and going into the home stretch, I touch that wall and I shattered the world record. Just killed it by a second or two.’’

Lochte’s imagined finish would then include muscle flexing and bellowing in triumph. He made no mention of a diamond grill in his mouth on the podium, but that's almost a sure bet as well.

“To me, that’s the best way I can put a race,’’ he said.

Slideshow: Olympic hotties: World’s most alluring athletes

A collection of the winning smiles and champion physiques of Olympic hopefuls from America and other nations.

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Samuel L. Jackson has taken to Twitter to root on the United States in the Olympics and give his unique take on everything from water polo to gymnastics judges.

Whether it's water polo “dopeness” or “seriously smokin’” women's beach volleyball, it’s clear that Samuel L. Jackson loves the Olympics more than a Royale with cheese.

The popular actor has been tweeting a steady stream of commentary on all types of Olympic events while rooting on the United States at every chance. Whether it’s women’s time trial cycling, water polo, gymnastics, or synchronized diving, Jackson has made his thoughts about most Olympic competitions known to his 1.1 million Twitter followers.

He gave a shoutout to swimmer Michael Phelps (“Big Mike”) for setting the Olympic record for most career medals on Tuesday, and provided his unique brand of commentary on the women’s gymnastics team finals: “Okay, that was Drunk Lady Staggering Flip dismount!" he tweeted. "Made famous by many girls missing the top step in da club!”

Jackson also let loose on the gymnastics judges (SHADY!!!) and gave his opinion of the on-air commentators. The language in his tweets is closer to Jules in “Pulp Fiction” than Mace Windu in “Star Wars,” so be warned that they are not entirely family-friendly.

Check out all of TODAY's Olympics coverage here! And follow TODAY on Twitter and Facebook for London 2012 behind the scenes!  

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As worldwide media reported Tuesday that Michael Phelps had just become the most decorated Olympian ever, he was busy giving a quick heads-up to a group who still had no idea — his own teammates.

Conor Dwyer and Ricky Berens, who swam second and third, respectively, after Ryan Lochte started the 4x200 freestyle relay race that would give Phelps the record, told Matt Lauer on TODAY Wednesday they were in the dark about Phelps' imminent achievement. 

“To tell you the truth, I didn’t know about the 19 medals,’’ Berens said. “(Phelps) told us after the race. He huddled us all together and he said, ‘Just want you guys to know I just broke the medal record.’’

“I had no idea until he huddled us up after, and he got pretty emotional about it,’’ Dwyer said. “We were just going out there trying to get him as big a lead as possible.’’

The medal record was previously held by Soviet gymnast Larisa Latynina. The win Tuesday also marked a repeat for the Americans, who won the gold in that same relay in 2008. Phelps, Lochte and Berens were part of that Beijing team, while Dwyer is a first-time Olympian.

 “There’s always a lot of pressure at the Olympics,’’ Berens said. “This is when all eyes are on swimming, especially on Michael Phelps and what he’s doing, so to repeat with the competition so much greater than it was in 2008 is incredible.’’

“It was something special, especially with Michael breaking the record and making history,’’ Dwyer said. “It was a blast to be on the relay, and it’s easy with these three guys being so good. It takes a lot of pressure off.’’

Once Team USA brought home the win, it was time for a pig-out. After the race, Berens tweeted, “Finally!!!! The end of season celebration dinner! mcdonalds!! Yes all for me!” He included a picture of a tray loaded with a Big Mac, two quarter pounders, two cartons of fries, six McNuggets and a milk shake. Dwyer got in on the action, too, as they obliterated their diets together.

“We put so much pressure on this meet,’’ Berens said. “We sacrifice so much for the Olympic Games and we eat so healthy and try to do everything right. It’s just our time to just relax. That McDonald’s sitting in the dining hall has just been calling our name in the last two weeks.’’

The two continued to ignore their diet on TODAY Wednesday when they piled down British cheeses prepared by celebrity chef Giada De Laurentiis.

TODAY

Olympic swimming gold medalists Conor Dwyer and Ricky Berens chow down on some British cheese prepared by celebrity chef Giada De Laurentiis on TODAY Wednesday.

It's been a hectic time for Berens, who has spent more time with that McDonald’s tray than with his girlfriend, fellow U.S. swimmer Rebecca Soni. With a silver in the 100-meter breaststroke under her belt, Soni will race Thursday in the 200 breaststroke. Saturday, she'll swim the 4x100 medley relay. 

“I’ve seen her for a total of like 30 seconds,’’ Berens said.

This might be the final Olympics for Berens, 24. “I got a lot to think about,’’ he said. “It’s a hard place to be in. I would love to go out on top the way I did at this Olympic Games, but I’m also still very young. I probably haven’t taken more than two weeks off of swimming since high school and this is my chance to really take a break and relax.’’

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It’s the song you can’t get out of your head this summer. That’s a good thing for the Team USA Swimming — because “Call Me Maybe” gets them pumped.

The team produced one of the best (and most elaborate) video parodies yet of the Carly Rae Jepsen hit. The lipdub, released Thursday, has racked up more than 250,000 views on YouTube as of this post. 

Why'd they pick the tune? It's a favorite among several of the stars: Missy Franklin told TODAY.com it’s her go-to karaoke song, and teammates Rachel Bootsma and Elizabeth Beisel said it’s on it's on constant rotation on their iPods as their pump-up song before jumping in the pool.  

The video, spearheaded by swimmers Alyssa Anderson, Kathleen Hersey and Caitlin Leverenz, follows members dancing in airplane aisles, down water slides and on the bottom of pools. Michael Phelps gives a wink, and Ryan Lochte blows a kiss. 

Watch it below! Do you think it’s a gold medal-winning video?

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As anticipation mounts for the opening of the Games, even a legend with more gold medals than anyone else in the history of the Summer Olympics has to find a way to pass the time.

Michael Phelps may be only three medals shy of becoming the most decorated Olympian history, but for his first few days in the Olympic Village in London, he has been more like a college sophomore hanging out between summer classes. Passing the hours in a sweltering dorm room, Phelps has been spending his time with a New Mexico high school teacher and some Baltimore cops.

“I started The Wire and Breaking Bad,’’ Phelps told TODAY special correspondent Ryan Seacrest Wednesday. “(Just doing) a little bit of sitting around and just watching shows and movies.’’

Jeff Haynes / Reuters

Ryan Lochte (left) and Michael Phelps check their times during the U.S. Olympic swimming trials in Omaha, Nebraska, June 26, 2012. The two rivals will vie head to head at the Summer Games.

Phelps has broken a sweat without even leaving his room: There's A/C in the Olympic Village amid temperatures in the low 80s, and even millionaire athletes like Phelps had to adjust as if they were average college freshmen.

“We walked in and tried to crank the thermostat down, but nothing was happening all day, and they told us in the meeting that we have no air-conditioning,’’ Phelps said. “I think everybody on the team has a little college dorm fan that rotates, so we have some air circulating. Everybody has to deal with it.’’

Once the action gets started, Phelps plans on swimming seven events after winning a record eight gold medals in 2008 in Beijing. In the 200 and 400 medleys, he will go head to head with teammate Ryan Lochte in the most anticipated rivalry in London.

Phelps, 27, has already announced that this will be his fourth and final Olympics. Having already won 16 medals in his career, he is three away from passing Russian gymnast Larissa Latynina as the most decorated Olympian of all time.  

“It’s kind of been weird,’’ Phelps said about his final Games. “We’ve said like, ‘This is my last Tuesday afternoon workout,’ or ‘This is my last double.’ It’s cool to say, but it’s also kind of emotional. One thing that I’m looking forward to this week is having a lot of good memories and having a lot of good moments, and (I) hope I finish my career with some good swims.”

Phelps swam well enough to qualify in eight events at the U.S. Olympic trials, but he admitted to starting from scratch with his breaststroke technique in preparing for London as well as tweaking some other aspects of his stroke.

“Physically I’m a lot better than I was (at the trials),’’ he said. “Mentally, part of it is coming day by day, (and) being able to visualize my races and prepare myself for what could happen, what I want to happen and what I don’t want to happen.’’

Phelps trained in the London Aquatics Centre alongside Lochte on Tuesday, getting his first glimpse of the setting for one of the hottest tickets in London.

“It’s overwhelming,’’ Phelps said. “The deck space is kind of small, but you look up on both side of the stands, and there are a lot of stands up there. Hopefully we can have some loud cheering over here, and hopefully that place will be rocking. I remember back in 2000 (in Sydney), you could feel the floor shaking.’’

When the smoke clears from Phelps’s quest for history in the new few weeks, he will take the time to contemplate his accomplishments. Right now, it’s all about business.  

“I think a lot of things I’ve done through my career haven’t sunk in yet,’’ he said. “I guess the more I move through my life, I think some of those moments will sink in even more. I have a job to finish here. That’s why I’m setting out on Saturday to start my journey, and hopefully it’s a good one.”

After more than a decade of having his life centered around his training and a clear goal in sight, Phelps is looking forward to a blank schedule once the Games conclude. He will be on Season 5 of The Wire before he knows it. 

“We have a couple trips booked, and I’m looking forward to just pretty much relaxing and doing whatever I want to do and going wherever I want to go,’’ Phelps said.

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Ryan Lochte and Matt Lauer talked competition, style and what it's really like on to hear the national anthem played for you.

Ryan Lochte may be facing arguably the greatest swimmer in history, but he is ready to pass by Michael Phelps to become the big story out of the London Olympics.

In an interview on TODAY Tuesday, Matt Lauer asked Lochte to write the headline to his own London story.

“Ryan Lochte takes over,’’ Lochte replied.

That’s a bold prediction, considering Phelps has a record 14 gold medals and a knack for rising to the occasion in the Olympics. However, after having beaten Phelps regularly over the past three years, including a five-gold-medal performance at the 2011 World Championships, Lochte is favored to win after playing the bridesmaid several times in 2008. The two are expected to go head-to-head in the 200 and 400 individual medleys.

“To me, Michael is just another swimmer,’’ Lochte said. “It’s just another person that I’ve got to go up against and race. He’s one of the toughest competitors I’ve ever had a race against, and I love racing against him.’’

Ryan Lochte promises to bring back the diamond grill he has been known to sport on the podium.

Lochte plans on celebrating his victories in his unique style. That means his infamous diamond mouthpiece will be making an appearance on the podium.

“(The grill) will come back, yes,’’ Lochte said.

Lochte also refuses to turn off his goofy side, which in the past has led to a sprained ankle while playing with his dog, a knee injury suffered while breakdancing, and a scooter crash. Lochte said if Lauer handed him a skateboard on the spot he would bust out some tricks.

“If I don’t be myself, then I won’t swim to my best,’’ he said. “I need to live life. I can’t do anything different. Life is too short. You don’t know when it’s going to end, so you’ve got to live life to the fullest.’’

Lochte has made some changes, however, after finishing behind Phelps in two events in Beijing. He ditched his well-publicized fast-food habit and also added more variety to his training. He began doing exercises usually used by competitors in strong-man competitions in addition to his work in the pool.

“I’m lifting like an 850-pound big tire,’’ he said. “I’m dragging a 525-pound boat chain like 60 feet. I’m doing keg tosses in the air. I’m a lot stronger. I can pull a lot more water than I’ve ever pulled before, and I think that’s one of the reasons why I’m so much faster than 2008.’’

That was the year he took his spot on the Olympic podium, after winning gold and setting a world record in the 200-meter backstroke.

“I just remember looking up in the ceiling and being like, ‘Thank God, it finally happened,’’’ Lochte said. “My dad was even crying. Then once I saw that, I was like, ‘Oh my gosh, I’m going to lose it.’ Then I started getting teary-eyed. It was something that I’ll never forget.’’

And once London is over, Lochte said, he may ride off on to the runway.

"After swimming is all said and done, (and) I hang up the Speedo, I'm definitely going to go into fashion, designing my own clothing line.'' 

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TODAY

Matt Lauer sits down with multiple medal-winning American swimmer Michael Phelps to discuss his preparations for London.

When all the cheering finally stopped after his record haul of eight gold medals in Beijing in 2008, superstar swimmer Michael Phelps soon endured the downside of Olympic fame.

Out of shape, practicing intermittently, and caught smoking out of a bong in an infamous picture splashed across the national media, Phelps, 27, called it the hardest four years of his life.

“You’re so up on this big competitive level, and you’re at this peak,’’ Phelps told Matt Lauer in an interview that aired on TODAY Tuesday. “And then you just kind of roll down the hill.’’

Phelps is now in the midst of qualifying for his fourth and what he says will be his final Olympics. On Monday night, Phelps finished second behind rival Ryan Lochte in the 400-meter individual medley at the U.S. Olympic trials to qualify for London in that event as he seeks to add to his record total of 14 career gold medals. The two will resume their rivalry Tuesday night as the trials continue.

Jamie Squire / Getty Images

Michael Phelps after he finished second in the championship final heat of the Men's 400 m Individual Medley at the 2012 US Olympic Swimming Team Trials at CenturyLink Center on Monday.

To even get himself back into shape to compete with the world’s best took a while for Phelps after the euphoria of Beijing, where he bested the previous record of seven gold medals set by Mark Spitz in 1972.

“I literally didn’t do anything for six months (after Beijing),’’ Phelps said. “I would come for like a week or two straight, and then I would just take two or three weeks off.’’

Given his record-breaking accomplishments, Phelps could certainly have called it a career after his 2008 performance, but chose to take one last shot at Olympic glory.

“I had made that commitment to go another four years, and there was no turning back at that point,’’ he said.

In 2009, Phelps went through the public embarrassment of a picture surfacing of him smoking from a bong at a party.

“I think the worst thing was just I hurt so many people around me,’’ he said. “I'll be the first to admit I made a lot of stupid mistakes in my life. It was a huge learning experience. I've had a lot of those through my career, and they've all made me a better person.’’

Phelps’ struggle with fame and motivation after his achievements in Beijing also lead to speculation of whether another letdown period will occur when his Olympic career comes to an end in London.

Jamie Squire / Getty Images

Ryan Lochte and Michael Phelps greet each other after they competed in the 2012 US Olympic Swimming Team Trials Monday.

“I don’t want to say there's no shot, but I don’t think it’s going to be anywhere (near) the level I’ve gone through,’’ Phelps said. “I've been through tons of ups and downs in my career, and kind of being able to come to a closure in my career, I just don't see it happening.’’

Despite his struggles in the last three years to beat Lochte, whom he once routinely defeated, Phelps says this is the most relaxed he’s ever been in the four Olympics in which he has competed. His own coach, Bob Bowman, admits that the volume of training that Phelps has done does not approach his training for Beijing.

“I think if you ask me today, ‘Is he prepared to be as good a swimmer as he was in Beijing?’ I would have to say no because we haven't done the volume of training,’’ Bowman told NBC News. “If you ask me, ‘Has he prepared to be a better person than he was in Beijing?’ Without question. He's in a much better place in his life, and he's just more grown up.”

“Leading into 2000, '04 and '08, we were focused on doing a ton of volume,’’ Phelps said. “But it's not about going out and swimming 15 events. It's about going out and capping off a career.’’

Michael Phelps' adopted dog will learn to swim just like him

Phelps is making sure to stop and smell the roses this time. He is keeping a journal, which he said is unusual for him. With three more medals in London, he would become the most decorated Olympian of all time.

“Being able to look back at all the memories I have, I feel like it’s better if I just write them down,’’ he said. “I just found that if I'm having a bad day, I just open up my journal and write down the feelings that I have, and I feel a lot more relieved and relaxed afterwards.’’

Whatever happens in London, Phelps is ready to deal with the end of a legendary career.

“I don't care what anybody else says,’’ he said. “If I can say my life or my career has been a success, that's all that matters to me.’’

Scott Stump is a TODAY.com contributor who once took six months off after swimming 10 laps at the local YMCA pool. 

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