I really am ...

... if a horse runs well enough to earn all the bonuses ... his owner would probably have gotten about the same if he waited until the racing season was over to talk turkey.

If the horse doesn't run well enough to earn any bonuses ... well ... there are no bonuses ... so the owner doesn't get any more money.

In either case ... the owner winds up with about the same amount of money ... if he syndicates early in the year ... or if he waits 'til the end of the year.

Early season + Bonus(es) = Late season without bonus(es)

Chisled in stone for a good reason.