Phelps, who won the 100m butterfly in a frustrating time on Thursday night, is slated to swim in the 100m backstroke final.
Phelps has never contested the 100m back at an Olympics and isn’t expected to contest it at the Olympic trials this summer.
So he is not the favorite. That label goes to Matt Grevers, the Olympic 100m back champion who qualified seventh-fastest into Friday night’s final, one spot behind Phelps.
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Franklin, the four-time 2012 Olympic champion, is the fastest qualifier in the women’s 100m backstroke final Friday. Her top 100m back rival, Australian World champion Emily Seebohm, is not entered in the Orlando meet.
Also Friday, 12-time Olympic medalist Natalie Coughlin and Olympic 100m free champion Nathan Adrian are slated for the 50m freestyle finals.
Olympic and World champion Katie Ledecky is also at the meet but not competing Friday night.
The meet concludes Saturday on NBCSN and NBC Sports Live Extra at 6 p.m. ET.