Handout/Speedo via Getty Images

Lochte lost another endorsement as a result of his Rio shenanigans. Syneron Candela cut ties with the gold medalist, who began promoting Gentle's Laser Hair Removal system in April. "Syneron Candela will be ending its partnership with Ryan Lochte. We hold our employees to high standards, and we expect the same of our business partners," a representative said in a statement. "We wish Ryan well on his future endeavors and thank him for the time he spent supporting our brand."

Airweave also released a statement today to E! News explaining their decision to part ways with the athlete, saying, "Airweave is a proud sponsor of the U.S. Olympic and Paralympic Teams and our dedication to athletic achievement is unwavering. Our endorsement agreement with Ryan Lochte was in support of the Rio 2016 Olympic Games. After careful consideration, we have made the decision to end our partnership with Ryan Lochte. We remain committed to supporting Team USA and the athletes preparing for the Paralympic games."

Lochte is working with crisis manager Matthew Hiltzik to repair his public image (and salvage his other deals), but is it too little, too late? According to Jonathan Bernstein, president of Bernstein Crisis Management and author of Manager's Guide to Crisis Management, "Behavior like this makes sponsors, or potential sponsors, seriously question their relationship with any athlete." But it's not necessarily over for Lochte. "You look at other athletes who have done, certainly in their case more embarrassing things, like Lance Armstrong or Tiger Woods, and they paid the price in sponsorships. Lochte has somewhat of a reputation for acting up already, so there's a crisis risk inherent always in sponsoring a celebrity or a celebrity athlete."

After interviews with Today and People, what else can Lochte do? "How he deals with this is going to be more important than the effect of the incident himself," Bernstein tells E! News. "If he deals with it humbly, and honestly from this point on, it'll be a dramatic difference than if he continues to be in denial. The public, particularly the American public, is quite quick to forgive when there appears to be true humility and transparency after a mistake has been made."