Atlanta Olympic Mascot Izzy has a new look to match the character's animated counterpart. The third incarnation has a orange pug nose, a more expressive face, much bigger eyes and bigger, floppier red shoes. The character is design ed to attract children to the 1996 Summer Games as well as to Olympic merchandise. Most of the 50 Olympic licensees have halted production of their 'old' Izzy merchandise. The old merchandise is expected to become collector's items for adults. The Atlanta Committee fo Olympic properties named Oglivy & Mather to handle the marketing and advertising of Izzy, with a $4 million two-year budget.