Matt Lauer

Michael Phelps is opening up for the first time about the public pot pics.

The superstar swimmer tells Matt Lauer on the "Today Show," "I knew that I'd made a mistake and a bad judgment."

Phelps, 23, doesn't deny smoking marijuana, "It was a bad mistake. I mean, we all know, you know, what you and I are talking about. It's a stupid mistake." He continued, "You know, bad judgment. And it's something that, you know, I have to, and I want to teach other people not to make that mistake."

The Olympic Gold medalist says he found out the photos existed "probably one or two days" before they were published when somebody e-mailed him about them. The photos were taken at a college party last November and published in Britain's News of the World.

"And I had no idea really what to do. You know, I knew that I'd made a mistake and made a bad judgment," he says. "And it was an awful judgment. The people I hurt, you know, is my family, clearly. My friends. The close people around me. And most importantly, the fans. And -- and, you know, I realize that that hurt a lot of people."

Phelps' endorsement deal with Kellogg's was dropped and he was investigated by a South Carolina Sheriff's department.

Michael's interview will air on the "Today Show" this morning and on "Dateline" Sunday.

"Today Show" host Matt Lauer hopped a flight to the Alaskan tundra to sit down with Alaskan Governor Sarah Palin. The morning host grilled the Gov. about McCain, Obama and her alleged overspending.

Palin confessed she was a little perturbed during her interview with Katie Couric, saying, "I'm sure some of my impatience showed through." She told Matt she was a little annoyed by some of Couric's questions, like, "'What do you read up there in Alaska?' To me that was a little bit annoying 'cause, I'm like, what do you mean what do I read in Alaska? I read the same things that you guys read in New York, and there in L.A."

Palin would not divulge her plans for the future. Palin assumed the office Governor in 2006 and has the position for a 4-year term.

"Extra's" Mario Lopez is in New York City for Matt Lauer's Friars Club roast -- and Tom Cruise arrived to poke fun at him!

"I get to go from international locations to movie sets to more international locations to international location," he joked. "You have found happiness doing the same thing every day. You sit on a couch all day and interview the car from 'Knight Rider' and cook radishes with Rachael Ray!"

Tom even poked fun at his 2005 appearance on "Oprah," telling Matt, "You're the one who told me to talk about Katie Holmes on 'Oprah!' As he stepped off stage, Tom quipped, "I can't believe I flew all the way out here... lose my number, you glib putz."

It was certainly an unexpected surprise for Matt, who told "Extra" earlier, "That would be an extraordinary move on his part. There's no hard feelings between me and Tom Cruise."

Both Meredith Vieira and former "Today Show'"co-host Katie Couric were on hand to help roast their friend, and Matt said, "They have a great sense of humor -- both of them. Katie has got a lot of info... I can't even imagine what she's going to come up with."

Asked about his reaction to being selected, he said, "This is a right of passage -- no matter how painful -- I'm really flattered that they chose me." He does admit, "Nobody can come here without a shield up." Lauer laughs at the thought of bringing his five-year-old daughter to act as a human shield, but adds, "Guys like Bob Saget don't even care."

Why a lunchtime roast? "It works better for me," he jokes. "By 8 o'clock I'm like a three-year-old, I'm in bed... people can blow off steam before the weekend." Lauer declares, "I cannot wait until like 2:30 PM. I can take a deep breathe and hopefully, I've survived."

Recently, Lauer interviewed Angelina Jolie on the "Today Show," and says they talked off camera about parenthood. "We talked a little bit about our kids... we have a couple in the same age group. When you talk to her off camera, the thing she wants to talk about most is motherhood." He continued, "I think Angelina and Brad are the real deal... they go places when they don't think a camera will be around."

About keeping in shape and sporting rock hard abs in shots of him taken this summer at the beach, "That [exercise] is an outlet for me... we do work terrible schedules. So, a couple/three times a week I like to go... I'm doing it for mental reasons."

He has interviewed everyone from Sen. Hillary Clinton to Tom Cruise, even Princes William and Harry. Matt Lauer replaced Bryant Gumbel as co-host of the "Today Show" eleven years ago, and now has secured his place in TV history -- with induction to the "Broadcasting and Cable Hall of Fame."

It was Matt's night, but he took the time to praise friend and former "Today" co-host Katie Couric for her one-on-one with Gov. Sarah Palin. "The interview exposed and reminded us all of Katie's great strengths as an interviewer. I thought she did a remarkable job." Matt also enjoyed Palin's stint on "Saturday Night Live." He told "Extra's" A.J. Calloway, "It was very funny!"

When Lauer isn't interviewing the big names, he spends his time with his wife, model Annette Roque Lauer and their three children; Jack, Romy and Thijs.