Jockey Mike Smith crosses the finish line, riding Justify to a Triple Crown win at Belmont Park at the 150th Belmont Stakes in Elmont, N,Y., on June 9, 2018. Justify became the 13th Triple Crown winner in history and follows American Pharoah, who pulled off the win in 2015 after a 35 year drought. File Photo by John Angelillo/UPI | License Photo

Aug. 4 (UPI) -- Churchill Downs and the New York Racing Association Monday a new grouping of races for 3-year-olds that includes the Kentucky Derby and Belmont Stakes, but not the third leg of the existing Triple Crown, the Preakness Stakes, run in Maryland.

Churchill Downs and NYRA officials topped short of saying the six-race "Thoroughbred Championship Series" is designed to replace the historic Triple Crown. But with a $5 million bonus and longer spacing between the races, that would be the practical effect.

"This series is designed to showcase the sport's best 2-year-olds across a season-long championship, elevating our biggest events and creating the next generation of fans," David O'Rourke, the NYRA president and CEO, said Monday.

"By connecting these premier events through one championship, we're creating a season-long storyline that benefits the future of Thoroughbred racing," said Bill Carstanjen, the Churchill Downs Inc. CEO.