Everyone is buzzing about Kellogg’s decision to dump Olympic hero Michael Phelps.

But buried in those news stories is another fact: Kellogg has also elected not to renew its Olympic Team sponsorship, which expired in December 2008.

So I wonder if this decision is really about economics and not ethics?

In today’s economy, companies are looking to cut costs at every corner. Is it possible that Michael Phelps has already surpassed his Return-On- Endorsement value, especially if he decides not to compete in 2012?