Kellogg Doesn't Think Phelps is Grrreat!

Michael Phelps, meet the Dell Dude.

Both lost high-profile endorsement deals for smoking marijuana.

Kellogg (K) announced that it will not renew its sponsorship deal with Olympic swimming star Michael Phelps after a picture of him toking on a bong surfaced. The contract ends at the end of February.

Earlier this week, we reported that Phelps had sidestepped fallout from sponsors, but the cereal and snack company ultimately decided to show the athlete the door. A company spokesperson said Phelps' decision to smoke the illegal drug was "not consistent with the image of Kellogg."

A picture of the Olympic swimmer appeared on boxes of Corn Flakes and Frosted Flakes.

In 2003, actor Ben Curtis, best known as the Dell Dude, found himself out of work after a similar incident. While the advertising campaign he starred in and popularized was a success, Dell (DELL) opted to end the relationship.

What were these dummies thinking? Talk about up in smoke.

Phelps may be finding his sophomoric action increasingly hard to swallow. Subway has pulled him from its website; its other celebrity endorsers remain.

Will he lose Visa (V) next?

Some estimate that Phelps could have earned $50 million to $100 million in endorsements. That was one expensive toke, eh, Mike?