Sniper's list has it near perfect. A point system based on Derby/Triple Crown relevance is far better than earnings, which we know can be inflated (e.g. - Delta Jackpot). If earnings continue to be used, then only the top 12 should be guaranteed according to earnings while the other 8 are decided by a panel. This will ensure that some stragglers (horses who mainly gained earnings in sprints or 2yo races) don't get in. Now, using Sniper's list for the sake of argument, it is possible that a late developing horse who wins one of the big races could miss the Derby (Big Brown?). In most cases, things will probably work out, but perhaps having a panel select the last three or four could ensure that funky things don't happen.
Lastly, we should stop trying to make the Derby like every other race. I'm not bothered by a 20 horse field for our most special race. It's just one of the many things that makes the Derby different and special. As long as the horse that crosses the wire first is still called the winner, I'm fine with most things that are different about the Derby.
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