I don't understand why the retention of neutral compounds is decreased if [SDS] > cmc.
If [SDS] < cmc, and the "free" surfactant aids solvation of the sugar wouldn't it have less retention?
If [SDS] < cmc, and a monomeric coating is formed on the stationary phase, wouldn't this effectively yield and ionic surface layer which prevents retention of any hydrophobic function on the sugar.
Would somebody kindly explain?

My thoughts were that, if they were above the CMC of SDS, and reduced the concentration of SDS while still staying above the CMC, the concentration of micelles in the mobile phase will decrease and neutrals/nonpolars will spend more time in the stationary phase.
In this case, above 40% organic, I don't think SDS will form micelles regardless of SDS concentration. I believe that as you add organic to the solution, the CMC shifts to higher concentration and eventually becomes unreachable. Furthermore, even if above the CMC, the two conditions you described, monolayer on stationary phase and solvation enhancement in mobile phase, both by surfactant molecules, will still occur. When above the CMC, not all surfactant molecules are in micelles. In fact, I believe the same amount of surfactant molecules are "free" at surfactant concentrations from just below the CMC to many many times that concentration.
Even if those two situations do occur, when there are micelles in the mobile phase, neutrals and nonpolars bind to the micelle, spend less time in the stationary phase (and more in the mobile phase) and are retained less.
As to explaining whether or not those two situations do occur...