LeBron James may be the most electrifying player in the NBA, and is certainly the most heavily marketed, earning an NBA-best $25 million per year in endorsements. But despite all that, James is still not the game’s most popular athlete, and sales of his Nike shoes and apparel are described as “average.”

James ranks third among NBA players in replica jersey sales worldwide. And in China, where he’s been marketed heavily, he’s only ranked fifth. Kobe Bryant and Kevin Garnett both sell more jerseys that LeBron. What do those guys have in common? Championships, for one. But they also both wear the iconic uniforms of the Lakers and Celtics, and play in huge media markets. Will LeBron ever be King of the World in Cleveland?

The CLEVELAND PLAIN-DEALER’s Brian Windhorst takes an in-depth look at James’ inability to assume the NBA’s popularity throne, let alone become the world’s most famous athlete. One indicator of a perhaps slightly-fading star is his decreased role on-camera for the companies he represents:

After making him the centerpiece of their ad campaigns in his first two years in the NBA, Nike has noticeably cut back on commercials featuring James over the past several years. Coca-Cola has dropped him from their higher profile Sprite ads and put him in more niche ads for Vitaminwater.

Analysts have been surprised that Microsoft, which inked a deal with James to promote their MSN Internet product a little more than 18 months ago, hasn’t activated its relationship with James other than on a Web site devoted to children.

One thing that James has always done well is market himself. He spent yesterday on College GameDay, making predictions alongside Lee Corso and Kirk Herbstreit. He’s hosted the ESPY Awards, and will be profiled in an upcoming episode of “60 Minutes.” But he doesn’t have a championship pedigree, and perhaps that’s what’s stalling his marketability:

The answer may be the lack of that coveted championship, which seems to truly endear athletes to fans. It seems even more accurate when looking at the surges in popularity enjoyed by Dwyane Wade and Garnett after they each won rings.

Bryant, who has three championships and last year won his first MVP Award, is currently the most popular player internationally, especially for the exploding basketball audience in coveted China.

This is very telling. It was clear that Kobe was the star in Beijing, both from the reaction of the Chinese people to Kobe himself, and from NBC and ESPN’s coverage that suggested that the USA club was “Kobe’s team.” So much for that whole rape trial bringing his career down, eh?

While Windhorst’s story is revealing, one thing he seems to ignore is the possibility that LeBron is going to bolt Cleveland in 2010 and sign with a big-market franchise that would increase his visibility and perhaps give him a better chance of winning a title. James still claims that winning championships is his top priority, but the fact that he created his own marketing firm to raise his profile suggests that becoming a global icon is higher on his list.

Windhorst probably doesn’t mention the free-agency thing because the folks in Cleveland are scared to death that LeBron is going to take off and kill the Cavs franchise once-and-for-all. James put a cast of nobodies on his back and carried them through a weak Eastern Conference in 2007. But the East is getting better, and while the Cavs have shaken things up, Ben Wallace isn’t exactly the answer at this point to push them to a new level.

The writing is on the wall, as far as the Cavs are concerned:

“Jordan put Nike Basketball on the map, there was no Nike Golf before Tiger Woods; their success made those brands,” said Brian Berger, a public relations consultant and host of the nationally-syndicated Sports Business Radio. “Championships are what resonate with the international consumer.”

But even if the Cavs do make a concerted effort to surround LeBron with top talent, there’s still no guarantee that will be enough to keep him in town when teams in New York, Chicago, and L.A. can come knocking in two years with a max deal and the promise of more exposure.