Forget Kellogg's, Michael Phelps can make all his endorsement money back just by giving interviews!

According to reports, media outlets are battling for the first Phelps interview post his bong scandal. Every major network has reportedly put in an offer to score the first interview, but Phelps is still hesitant.

"Everybody wants him on to explain why he was smoking marijuana," said a source. "Oprah Winfrey, ABC, CBS, NBC - everyone wants him."

While we think he should ultimately grant the interview to NBC, since that's where the Olympics were aired last summer, he should also consider going with ABC and Barbara Walters.

All he has to do is go on Barbara Walters, apologize, shed a few tears and all will be forgiven. It's just the way the game works.

Meanwhile, Hollyscoop caught up with some stars to get their feedback on Michael Phelps' controversial photo and the repercussions he faced. Here's what they had to say:

AnnaLynne McCord:
It's an interesting dynamic because you have people around the country who do that stuff all the time and no one gives a crap about it and then you have someone who has done incredible things with themselves, who was caught in one photo, but I know being in the public eye that when I walk out the door, people may have cameras, so if you're going to do those sorts of things you just have to be aware of it and there are repercussions for the choices you make.

Tila Tequila:
A lot of people do what they do, But I think you should be responsible, you know your a role model to kids, I should know cause I'm a role model. Kate Moss made something out of it, so hopefully he can.

Robert Buckley:
I think that sends a message to the rest of Kelloggs people that they have to walk the straight and narrow.

Chandra Wilson:
Well I guess they had to make their point, but it's not like it's something that happened the other day, it was a while back and you can't deny his accomplishments. The fact that he won all those medals and he did it on sheer talent, they have to do what they have to do but it doesnt take away from what he did.