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And we should be ready for Ledecky's dominance in every event she enters to end, as the gap has closed in her longer events and she's not the favorite at all in the 200m or the 400m, both of which have seen Ariane Titmus of Australia swim faster than Ledecky this year.
200m: Ledecky won Gold in Rio by 0.35 seconds, swimming at 1:53.73 and going 1.15 seconds faster than her Trials time of 1:54.88; this season, her fastest time has been 1:54:40, 1.31 seconds behind Titmus. Ledecky is ranked #2 coming into Tokyo and went 1:55.11 at Trials, while Titmus went 1:53.09 at hers.
400m: Ledecky won Gold in Rio by 4.77 seconds, swimming at 3:56.46 and going 2.52 seconds faster than her Trials time of 3:58.98; this season, her fastest time has been 3:59.25, 2.35 seconds behind Titmus. Ledecky is ranked #2 coming into Tokyo and went 4:01.27 at Trials, while Titmus went 3:56.90 at hers.
800m: Ledecky won Gold in Rio by 11.38 seconds, swimming at 8:04.79 and going 5.53 seconds faster than her Trials time of 8:10.32; this season, her fastest time has been 8:13.64, good enough for #1 in 2021, but she's just 1.93 seconds ahead of #2 Titmus. Ledecky went 8:14.62 at Trials, while Titmus went 8:15.57 at hers.
The 1,500 free wasn't contested in Rio on the women's side (this will be its first time on the women's Olympic program), but since she won the 800 by 11+ seconds, you have to think that in that sort of form, she'd have won the 1,500 by 20 seconds or more. But while she's ranked #1 in 2021, she's just 5.83 seconds faster than #2 Maddy Gough (AUS) and just 8.57 faster than #3 Wang Jianjiahe (CHN). Still a brobdingnagian edge by swimming standards, but small by her own.
Now, Ledecky's training cycle, like other elite swimmers who are confident of making their national teams at Trials, is targeted so she hits her taper perfectly at the Olympics, so she can and will expect to be faster than those times in Tokyo. But she herself said she was disappointed in her Trials times. Maybe she didn't go quite as hard as she could in the 200 because she knew she had the 1500 that same evening, but the Olympics have the same schedule. Other swimmers have certainly closed the gap, but it's also true that right now, Ledecky isn't swimming as fast as she was going into Rio. I still expect Ledecky to medal in each of her races, but a couple of them might be Silver.