Michael Phelps: World Record in Butterfly

*********WATCH PHELPS BREAK AN OLYMPIC WORLD RECORD**********

"It is for elevating his sport -- and all of us out of our seats -- with a beguiling grace and humility that SI honors Phelps with its 55th Sportsman of the Year Award," writes Alan Shipnuck in his profile of Phelps. The magazine hits newsstands on Wednesday and marks Phelps's sixth appearance on the cover of SI.

In Beijing Phelps delivered a performance for the ages in breaking Mark Spitz's 36-year-old mark of seven gold medals in a single Olympiad. Phelps won individual gold in the 400-meter individual medley, 200-meter freestyle, 200- meter butterfly, 200-meter individual medley and 100-meter butterfly to go along with team golds in the 4x100-meter freestyle, 4x200-meter freestyle and 4x100-meter medley relays. His 0.01-second victory over Serbia's Milorad Cavic in the 100-meter butterfly and his U.S. team's come-from-behind triumph over France in the 4x100-meter freestyle relay provided two of the most iconic moments of the 2008 Summer Games.