Phelps reportedly has not retracted his announcement that he has retired from swimming--but the reporter says he thinks his information is good.
If Phelps competes and does not win any medals (or even, if he takes bronze in a few events), another Olympics could be anti-climatic. But, if he would get a silver or gold. . .
Wouldn't he make more money from endorsement and advertising deals?
Would you like to see him compete again?
(He has ADD, so I like to see him as a success story for those so afflicted.)
His prerogative, if he wants to compete, he has to go through the qualifying process like everyone else.