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$2M over seven years or about $300K per year.
Phelps can make around $10,000 for an appearance at corporate events, swim expo's, etc. I also remember that a company (might have been Visa) was offering $1,000,000 bonus if he get Spitz's record of gold medals - naturally in addition to the already large endorsement deal.
Probably around, depending on the sponsorship deals and endorsments, around 150k to 300k a year, going on about the top 10 swimmer in the US