Does Michael Phelps get paid for his medals?

Answer 1

Olympic athletes get paid based on if they win a medal.

For 2008, the payment schedule is:

Gold: $25,000

Silver: $15,000

Bronze: $10,000

(Source: http://teamusa.org/content/index/894)

Also, Michael Phelps had an agreement with his sponsor Speedo in which a $1 million bonus was included if Phelps earns a record seven Olympic gold medals at the 2004 Olympic games in Athens, Greece, or the 2008 Olympics in Beijing, China, which he accomplished.

(Source: http://promomagazine.com/othertactics/marketing_speedo_strikes_endorsement/)