Ryan Lochte and Gabby Douglas tore through the competition at the London Olympics, but now they need to do the same thing to the legal system in order to profit from it.

The hunky swimmer is in the process of trademarking his douche-tastic catchphrase "Jeah!", but '90s rapper MC Eiht said he plans to fire off a cease and desist letter to the swimmer, claiming he was using the phrase about 20 years before Ryan ever did. Meanwhile, Gabby is pissed because while she was racking up gold medals in London, NYC college student A.J. Rotonde locked up the trademark for her "Flying Squirrel" nickname. TMZ is reporting that A.J. now plans to slap the name on a line of t-shirts and other merchandise!

Gabby Douglas in August 2012 

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So what can Gabby do about it? The gymnast could still challenge the filing and apply to trademark the phrase herself since it clearly is her nickname. A.J. has also said he would be happy to sell the trademark back to her -- for the right price. Considering that nickname could potentially be worth millions, we're assuming his asking price won't be cheap.

Meanwhile, Ryan's manager says MC Eiht's claims are bogus because there's no proof he used it first and the swimmer has been saying "Jeah!" for years. Somehow, we're not surprised by that in the least. For his sake though, let's hope Ryan wins the "Jeah!" battle.  Those pink speedos aren't paying for themselves.

Who do you think should have ownership of the Flying Squirrel and JEAH?

Photos courtesy of Getty Images