From the New York Post: "... This one being the first [photo] of him with all eight medals, we hope that our cover will stick in everyone's mind," SI's managing editor Terry McDonell said yesterday.
Phelps' pose is reminiscent of the well-known 1972 photograph of Spitz with his seven gold medals draped across his chest.
Phelps, who also beats Spitz, 5-3, on the number of SI covers on which he's featured, posed in front of a bright-red Chinese screen.
Spitz's famous photo - which never appeared in a magazine but was shot for a poster - netted him $1 million. ..." [Link]
Also, the amount of medals he has is incomprehensible. He has won more gold medals than many nations put together.