Since it appears some of his endorsement opportunities will dry up thanks to the weed-smoking photo, it might be in Michael Phelps' best interest to investigate other opportunities. Specifically, ROOR glass bongs.
Our cheeba-loving friends at ANIMAL have analyzed the "top ranking" glass bong that Phelps is using in the photo. Apparently this one is very well designed:
The German made, thick tubed, award winning water pipe features frosted glass diffusers instead of the more standardized rubber grommets and retails for between $120-150. Judging from the photo, it looks like the bong is from their 'Red' series that come in 3.2 mm thickness and range from 13-17 inches, except this one was custom emblazoned—for an additional charge—with a "V". For victory perhaps?
Of course, ROOR won't be able to throw Speedo money at him, but it could be something to consider if Phelps officially bags this whole swimming thing for the full-time hippie lettuce circuit. But what about ROOR bongs? The ad department could throw together a slogan tie-in pretty easily. ROOR: Bong Of Champions. See? That'll be $4,000 dollars.