Despite swimsuit brouhaha, Michael Phelps re-signs with Speedo

In 2003, Michael Phelps was a promising but largely unknown swimmer. In those days, before his six gold medal wins at the 2004 Olympics and long before his incredible eight gold medals at the 2008 Olympics, he was best known for his record-breaking performance at the 2003 World Championships. Recognizing his amazing potential, swimsuit maker Speedo signed the swimmer to a multi-million dollar contract, the company's biggest endorsement deal to date. The move later proved prescient, as Phelps' rising popularity has helped polish the brand.

Phelps' contract recently expired, and Speedo rushed to re-sign the amazing swimmer. According to the terms of the new deal, Phelps and Speedo will be in business until at least 2013, taking the pair through the eagerly-anticipated 2012 Olympics.

If there was any hiccup in the Phelps-Speedo lovefest, it lay in the Arena X-Glide, the suit that German Paul Biedermann wore when he defeated Phelps in the 200-meter freestyle at this year's World Swimming Championships. Because of his relationship with Speedo, Phelps wasn't able to wear the suit, which even Biedermann admitted was at least partially responsible for his two-second win over the legendary swimmer.