"I really want to spend as much time with my friends and family as I can," he said. "It's coming up on two months on the road. I want to be able to see them and just relax."
Phelps' world changed dramatically during his 2 1/2 weeks in Beijing. After one TV appearance, he was driven off in a golf cart and promptly got mobbed.
"It was scary," said his coach, Bob Bowman. "That's what will be the different thing for him."
But he's letting his playful side come out. Phelps was waiting to be introduced last at yet another sponsor's event Wednesday when he spied a spread of desserts on the bar. He ducked over, grabbed a chocolate cookie, and teasingly put his fingers to his lips to quiet the server.
Across town, Bowman was getting the star treatment at a cocktail party. The casually dressed coach was approached by a barrage of giggling women who put their arms around his waist and posed for pictures.
Bowman recalled sitting down to enjoy his first alcoholic drink with a colleague after Phelps' epic conquest of Mark Spitz's record ended Sunday. He raised his glass and said, "Well, my career's over, let's toast. All downhill from here."
Actually, the ride is only uphill for both men.
Phelps and Bowman plan to return to Ann Arbor, Mich., to collect the last of their belongings and be honored during Michigan's home football game against Wisconsin on Sept. 27.
Then they'll complete their moves back to Baltimore. Phelps will reside in a downtown condo, while Bowman builds a new home. They'll resume training at North Baltimore Aquatic Club, where the duo first crossed paths when Phelps was a hyperactive 11-year-old.
Phelps plans to attend the Super Bowl in Tampa, Fla., in late January.
"Hopefully the Ravens are there," he said of his hometown NFL team.
Shopping is in Phelps' future, too. After all, he's got a $1 million bonus from his swimsuit sponsor Speedo to burn. Tops on his list is a new car to replace his BMW.
"My friend's in the car business, so he's going to help me," Phelps said. "I've been looking at some Aston Martins and some Maseratis. It would be pretty sweet to get an old-school Aston Martin, some of the old-school (James) Bond ones. That would be sick."
Phelps famously hates to lose, whether it's in the pool or playing video games. Unfortunately, he's not as adept with the game controls as he is getting his hand on the wall first.
"I always lose," he said. "It kind of bugs me. I'm always getting rocked. I need to get my video game skills up, that's for sure."
Phelps' five-month hiatus ends in February, when he resumes serious training.
"I would rather it be three months, but I wanted it to be five so that it was probably longer than he wants and when he comes back, he's really ready to come back," Bowman said.
He won't be hovering while Phelps tests himself as a pop culture phenomenon, hopefully better than he did after Athens. A few months after the 2004 games, he pleaded guilty to driving while impaired.
"He's on his own now. He makes all the decisions outside the pool and I take care of the pool," the coach said. "In Athens, he had never had any personal freedom at all. Now he's had a lot and he's screwed it up, and he's learned what that means. He's done a pretty good job with it. I had my doubts in the beginning that we were going to get there, but now I think he's got it down."
Aussie Olympic great Ian Thorpe has noticed a change in Phelps, too.
"It sounds really cliched but it's true, he's really grown as a human being," Thorpe told the AP about his former rival. "That in itself is going to serve him well as he makes these decisions in the upcoming few months and few years."
Phelps' agent is sorting through a mountain of offers that could propel the 14-time gold medalist into a household name that lasts long past the Olympics.
"I don't see him being an actor," Bowman said. "I think he'll just want to be a celebrity, whatever that means. He'll just have to keep improving if he wants to do that. He handles himself so much better than he did. I was just amazed at some of the answers he gave to a lot of these questions this time."