Michael Phelps loses to Ryan Lochte but his London Olympics gold medal chances aren't over

The 2008 Beijing Olympics might've belonged to Michael Phelps, but it looks like the 2012 London Games are shaping up to be Ryan Lochte's moment as far as men's swimming is concerned.

Lochte beat out Phelps in their very first London race, the 400 IM, after Phelps just barely qualified for the event. The 2008 champion -- and world record and Olympics record holder -- didn't even medal, while Lochte brought home the gold for the U.S.

It was Phelps' chance to become the first person to win the gold at three consecutive Olympics, which he unfortunately won't have again. But that's okay -- the decorated athlete will have another chance to bring home glory when he swims again on Wednesday night (August 1).