The print magazine business isn’t doing so hot right now, but Sports Illustrated might just have found a new business model: selling an iPhone app featuring models from its 2009 Swimsuit Issue. Although the Swimsuit issue came out in February, the app just hit the iTunes store today (iTunes link). Marketed as the “World’s Sexiest App” with a 17+ age rating, it costs $2.99. I’m sure it’s going to make a mint.

What do you get for $2.99? Photos of 20 models including Brooklyn Decker and Danica Patrick in various states of bikini nothingness and “breathtaking bodypainting videos.” There are also other “intimate” videos for each model. Does Playboy have an iPhone app? It might save them too.

Oh yeah, and there’s also a sports calendar that sports fans keep track of up to six different pro and college teams, featuring a different Swimsuit model each month.

Azuki Systems created the app for Sports Illustrated. BlackBerry owners will have to wait until August for their swimsuit model fix.