It's been nearly a week since a British tabloid printed a photo of Olympic star Michael Phelps smoking from a water bong, but as of yet, no sponsors have stated they're dropping any endorsement deal.

Typically, when a celebrity engages in less-than-acceptable behavior in a public forum, the sponsor exodus is immediate. Kate Moss was dropped by Chanel and H&M after she was spotted snorting cocaine, and Hertz quickly disassociated itself from O.J. Simpson after reports of domestic abuse surfaced. However, Phelps is still carrying his multimillion dollar endorsements, even if his squeaky-clean, kid-friendly image has been shed.

How did he remain a poster boy?

The sponsors' loyalty may be due to the fact that Phelps personally called each company to apologize for his behavior, publicly stated he regretted his actions and promised it would never happen again - sentiments echoing those he gave after his 2004 underage DUI arrest.

Maybe Phelps' star power and Q-rating is still far too profitable to drop. Nike (NKE) and Visa (V) have yet to comment, but Swiss watchmaker Omega considers the photo a private matter and "non issue," while Speedo called him a "valued member of the Speedo team."

And possibly the scandal itself isn't so bad given today's barrage of celebrity bad behavior. When Mel Gibson is arrested for drunk driving and goes on an anti-Semitic tirade, smoking weed at a college party doesn't seem so bad.

Then again, Ben "Dude, you're getting a Dell!" Curtis was phased out of the Dell computer ads shortly after being arrested for marijuana possession, but that could be due to Curtis' creepy factor.

At any rate, Phelps gets to keep his medals since the drug use wasn't during competition and marijuana isn't regulated under any doping rule. Phelps has retained his sponsors for the time being, but any future appearance on Sesame Street will likely be "rescheduled indefinitely."