“Is the Champion Hurdle losing its status?”
An important question – and I would argue that it is.
I think it is becoming a thinner division, in a large part due to fewer good Flat horses going hurdling and also by plenty of good novice hurdlers going straight over fences (not surprisingly given their breeding and point to point backgrounds).
Then there is the Mares Hurdle taking good horses away from the race, as trainers and owners prioritise having a Cheltenham winner over going for the (on the face of it) most prestigious race.
There is also the fact of one trainer dominating the game to an unprecedented degree.