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Every February, sports fans eagerly await the arrival of the Sports Illustrated Swimsuit Edition. The Winter tradition began more than 25 years ago, when Babette March graced the first SI Swimsuit cover in 1964. It began as a gimmick that would fill a void in sports news during the Winter months, and quickly became the magazine’s most popular issue each year. While models like Babette typically fill the pages, female athletes are often included in this issue as well. Ana Kournikova, Amanda Beard, Jenny Finch and Venus Williams are among those athletes. The 2010 Swimsuit Issue, which coincided with the Vancouver Games, featured Winter Olympians including Hannah Teter and Lindsay Vonn.

The issue’s highly guarded cover is kept under wraps, leaving everyone buzzing until its release date. Last night David Letterman finally revealed this year’s SI Swimsuit Issue cover model, Russian beauty Irina Shayk. Shayk has recently made headlines as the girlfriend of Portugeuese footballer, Cristiano Ronaldo, and she’s likely to remain a hot topic. Like last year’s cover model (Brooklyn Decker) and many who preceded her, landing that coveted spot has helped to catapult these ladies to greater fame. In addition to fronting several other magazine covers during her year-long reign as SI Swimsuit cover girl, Decker is also appearing in a new rom com with Adam Sandler and Jennifer Aniston.

Here’s a look at Shayk’s cover:

But believe it or not the SI Swimsuit Issue isn’t just about the sexy models. Landing a spot in the magazine is important and competitive for swimwear designers too, who wait each year to see if they’ve made the cut. In these “Bikini Oscars” as they’ve been dubbed, the Red Carpet question of “Who are they wearing?” applies to the models’ swimwear. Brooklyn Decker’s teeny yellow bikini on last year’s cover received a ton of fashion buzz as did it’s designer, Italian brand, Delfina swimwear.

The Miami Herald recently spoke with Simon Southwood of Sauvage Swimwear in San Diego, California about the SI Swimsuit Issue and how it has impacted his business. Southwood has had suits featured in the issue before and expects seven more to grace the pages of this issue. He said: “We have a great response when it hits the newsstands.” Southwood even pre-sold his bikinis to stores in anticipation of their appearance in the upcoming SI issue. New York-based swimwear designer, Lisa Curran, has been in business for 12 years and in the issue almost every year. This had helped to put her on the map as a designer earlier in her career.

For others just starting out in the bikini biz, a place in the magazine could make or break their career. MilkBaby Bikini fashion designer, Cat Thordarson, knocked on the doors of the fashion editors in charge of the swimsuit edition. And it worked. Her colorful, geometric printed bikini seen below has made the cut. Not only will her design be viewed by the magazine’s readers, but MilkBaby designs will be featured on Sports Illustrated’s website, which provides direct links and purchasing information for all of the swimsuit designers.

Diane Smith, who has served as senior editor for the magazine’s swimsuit edition for the past 12 years, said of Thordarson, “The opportunity could change her life – and her business.”

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Shayk’s cover will soon be plastered all over newsstands, billboards and on the internet. And so will her tiny pink and yellow bikini from Elizabeth Southwood for Sauvage, the lucky swimwear brand to land this year’s cover. Southwood certainly had the right idea when he decided to pre-sell swimsuits.

For the full list of swimsuits featured in this year’s issue, check here. You can also pick up a copy of the magazine on newsstands today.

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