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Against a backdrop of the iconic five rings, legendary swimmer Michael Phelps sat on a United States Olympic Committee stage at a March media event in Los Angeles, telling reporters why he had arrived fashionably late. Phelps called Under Armour-backed athletes a "family" and its chief executive Kevin Plank a visionary with "mind-blowing ideas." The scene previewed the kind of marketing to expect during this summer's games, with companies operating under newly liberalized sponsorship rules - enacted after years of lobbying by athletes and their agents. Under Armour won't pay the USOC or the International Olympic Committee for such mind-blowing branding opportunities.