There is a new highest paid athlete for the first time since 2004 after the reigning top man, Tiger Woods, saw his earnings decrease.
In this year's list of Sports Illustrated's Fortunate 50 there are two new top-paid U.S. athletes and they are both boxers.
Floyd Mayweather Jr. knocked Woods out of the top spot for the first time since the list began in 2004.
Woods fell to third place behind Manny Pacquiao after Woods' estimated endorsement income fell to $54.5 million in 2011 from $60 million in 2010 and $92 million in 2009, the year of his widely publicized sex scandal.
In the top spot, Mayweather Jr., without any endorsement money, was able to bring in $40 million from his win over Victor Ortiz in September 2011 and another $45 million from his fight with Miguel Cotto this past May. Mayweather Jr. is currently serving a 90-day jail sentence for domestic abuse.
Pacquiao ranks second after collecting a cool $62 million. Like Mayweather Jr., Pacquiao has only fought twice in the past year, defeating Juan Manuel Marquez and losing to Tim Bradley. Those two fights earned him $56 million while he made about $6 million over the past year from endorsements with Nike, Hewlett-Packard, Monster Energy and Hennessy.
Sports Illustrated's rankings use data from the athletes' most recently completed season and consist only of the athlete's salary, winnings, bonuses, endorsements and appearance fees. The endorsement estimates came from Burns Entertainment & Sports Marketing as well as agents. Salary figures were based on current or most recently completed seasons and athletes had to be American citizens.
The list excludes foreign athletes and would mean that top-paid international athlete, Swiss tennis star Roger Federer, and his estimated $51.4 million in winnings and endorsements, would only bring him to the fourth spot on the Fortunate 50.