from Greg Avioli, the president of Breeders' Cup

We applied because we expected that given the fact that these were going to be Breeders' Cup championship races and have $1 million purses that that would be sufficient to get the Grade 1 statu. Apparently the committee didn't feel that way. We still feel we'll get Grade 1-caliber competition and plenty of international participants.

The Delta Jackpot (Grade III) and Virginia Derby (Grade II) both offer $1,000,000 purses.

The Breeders' Cup application was Grade I or nothing.

drf.com article

bloodhorse article