In a recent Q&A with The Baltimore Sun, NBC Sports analyst Randy Moss—one of horse racing's sharpest minds—delivered a sobering diagnosis for the Triple Crown. "The trends are cratering," Moss said. "The Triple Crown as we know it, as we loved it, where the best 3-year-olds are tested against each other, is in intensive care. And unfortunately, there's no doctor right now waiting in the hallway."

Moss starts with a quick history lesson: once upon a time, the Kentucky Derby's top three finishers regularly ran it back two weeks later in the Preakness. But in the past 17 years, that's happened only once. This year's Derby winner, Golden Tempo, opted out of the Preakness entirely.

The root of the problem? Horse racing lacks a central governing body. There's no single entity with the power to rethink the grueling 35-day Triple Crown schedule and encourage greater participation. The Preakness, in particular, has been abandoned as the neglected middle child.

To make matters worse, a $400 million renovation is moving this year's Preakness to Laurel Park, slashing attendance to a cap of about 4,800 and eliminating the infield festivities that have long been a Preakness staple. And with no Triple Crown contender in the mix, Laurel won't have that star power to offset the losses.

Any change to the racing calendar would require the Maryland Jockey Club and the New York Racing Association to strike a joint agreement. The former is open to rescheduling—trainer Bill Mott, who opted not to bring Sovereignty to Pimlico last year, recently noted, "Nobody talks about the Preakness." But the New York Racing Association hasn't been willing to budge.

Moss points the finger squarely at New York: "They're the ones benefitting the most from the current setup." Nowadays, all the Derby's top horses skip the Preakness and run in New York on five weeks' rest. It's a shift that's reshaping the Triple Crown—and not for the better. As Moss sees it, the sport needs a serious conversation about its future, before the middle jewel loses its luster for good.