There are 96 medals awarded in swimming (but 97 this year, because of a three-way tie for silver). But still more if you tally by the number of individuals receiving medals for relay participation. There are four swimmers in each relay, so you could say there are 114 medals awarded (add 6 x 3). But it's even more than that, because a relay team can consist of more than four swimmers, and you don't have to swim in the final to get a medal, as long as you swim in a preliminary heat. E.g., three of swimmers in the U.S. men's 4 x 200 FS relay team swam in the preliminary heat but not in the final. I don't know what the total would be if you add all those up. At a maximum, it would add 24 more medals (6 x 4), but it wouldn't be that much. But as a guess, I'd say 120-130 medals are given to individual swimmers in total.
We’ve discussed the advantage all these medals gives Phelps, but even granted that, I think a good case can be made that he’s accomplished more than athletes in other disciplines. If you just want to compare him to other swimmers, only one in history had won seven Golds in a single Olympics before he came along. So at the very least, one could ask that a track star win one more Gold than the record for a track athlete. Haven’t seen Bolt or anyone else do that.
But as far as the fairness in giving more medals to swimmers, Nate Silver asks the question, what if the number of medals awarded for a discipline was proportional to the size of the spectator interest in that discipline? Based on viewer hours, he comes up with a “medal multiplier”, to calculate the increase in medals an event should be awarded based on its popularity. Track and field’s multiplier is 1.0, meaning its medal number is just what it should be. Swimming’s multiplier is 0.9, which means the number of its medals should be reduced just slightly, by about 10%, based on its viewership. Soccer has a multiplier of more than 12, and basketball 8. Volleyball also has a very high multiplier. (Cycling is below one, and that’s with all the medals awarded to track cycling. In another thread, I’ve argued that there should be more road cycling medals, but most people don’t seem to agree).
http://fivethirtyeight.com/features/which-countries-medal-in-the-sports-that-people-care-about/