Maybe you have heard, maybe you haven't. Olympic hero and NBC posterboy Michael Phelps got caught in flagrante delicto with a marijuana pipe at a party after the Olympic Games had completed. So, of course his sponsors are jumping ship left and right to distance themselves from this scofflaw, right? Wrong ... and somewhere, Cheech and Chong are smiling.

It appears that the sponsors are going to stand by their man, from Speedo to Parenting magazine. In fact, Visa (NYSE: V) came out Tuesday and stated that it supports Phelps despite his little misstep. According to Visa, the company has "spoken with Michael and he has expressed regret for the situation, has committed to being accountable and improving his judgment in the future ... We intend to support him as he looks to move forward."

Many of today's "investors" place their bets on the stock market's wheel of fortune. They hope that their number will come up. I have news for those stock players: the majority of their ranks are no longer true investors. They are gamblers, plain and simple.

Would those gamblers like a hot tip? Here's one in keeping with today's economic defeatist attitude. I suggest that they immediately dump shares they hold in anything that's associated with motor racing. The reasoning for my saying this is simple: NASCAR has a measurable carbon footprint.

Please understand that I'm playing the devil's advocate here. I myself have nothing against motor sports.

NASCAR has already made one move towards a green future by introducing a new hybrid pace car. However, that's not going to cut it for the peak oil crowd. Additionally, this week the government announced its disdain for corporate America, with the curt dismissal of Detroit executives by a Pelosi-led crowd. We must also consider that advertising money is drying up, and with that, may go some sponsorships. NASCAR is in dangerous waters, and I believe that the sharks are circling.

New York's Major League Soccer team is owned – and named after - Red Bull. Xyience is the drink of choice at the UFC. Gatorade, a unit of PepsiCo (NYSE: PEP) is an official sponsor of the NFL.

Earlier today, Jones Soda Co (NASDAQ: JSDA) said it would be a sponsor of the NFL's Seattle Seahawks on CNBC. The Seahawk organization granted Jones the exclusive soft-drink and certain non-alcoholic beverage availability rights at Qwest and Events Center as well as other sponsorship and trademark rights regarding the use of the Seahawks trademarks through 2012.

The world of alternative beverages continues to gain notoriety and Jones' deal with the Seattle Seahawks is a big step not only for the company but for the sector. Shares of Jones Soda closed up 8.25%, to $21.64 today.

I wonder if Jones would make an exclusive drink to promote the deal. They could call it Seattle Sludge, perhaps? How about Football Fudge?