Now that speculation has been confirmed and Honda is indeed pulling out of F1, it has also emerged that Cosworth engines will be available at a very reasonable price beginning in 2010 to any F1 team that wants them. This Cosworth proposal is the most pragmatic solution to the current worldwide financial crisis that is finally hitting F1, and is exactly the solution that the staff of GrandPrixDB hoped the FIA would offer to the teams.

The irony is that Cosworth was drummed out of F1 by the herd flocking to manufacturer-owned teams or for independents, the fashionable technical partnerships with manufacturers. The last Cosworth engine to run in F1 was with Williams in 2006. The feeling within the team was that the V8 engine was extremely good, even boasting the highest engine speed in the field. But as in all forms of top-level open wheel racing, the lure of manufacturer money meant that Cosworth did not have a place in modern F1. That is, until now.

As we mentioned yesterday, there was a time over 30 years ago, when virtually the entire field was comprised of independent teams running Cosworth V8s. Throughout the history of F1, legendary names have won races and championships with Cosworth, names such as Clark, Hill, Stewart, Fittipaldi, Senna, and the list goes on. Fans should see no shame in their favorite team running a standard “Cossie” behind a chassis of the team’s own creation.

In concert with the re-introduction of Cosworth is the preservation of factory engines from the manufacturers. Indeed, Max Mosley specifically clarified that teams will not be forced to run the standard engine and are free to build their own. This arrangement is in keeping with the tradition of F1 and is a win-win situation for the sport, given the current financial situation.

In a week’s time, we will find out which teams will decide to run the standard engine. There could be some surprising names on the list. Yet, if fewer than the desired four teams do sign up, it will be interesting to see how the FIA proceeds with its program. Given the developments in the last 24 hours, the next few weeks will see critical changes that will ultimately reshape the face of F1 in the near future.

Although it is premature to editorialize based on speculation, the newswires were alight today with reports that Honda is preparing to exit F1 either by selling its team or shutting down the operation entirely. If the reports are true, it really should not come as a complete surprise. Unlike the USA automakers, Honda is probably not planning on a government bailout or bankruptcy as part of its strategic plan. The global economy is in shambles, and automakers across the world are experiencing considerable sales declines.

When Max Mosley started down the path of the standardized engine for F1, just about everyone saw this as being yet another Mad Max Meltdown. How dare Mosley commit blasphemy on our sacred sport by trying to turn it into a glorified version of IndyCar! Yet, there was little thought given to the possibility that this proposal might actually have some basis in reality.

I doubt that Honda is making a political power play in response to a possible spec engine. If they are truly considering leaving F1, the overriding reason is financial. As we have seen with mortgage companies, financial institutions, and the automotive industry, no business is immune from a recession. Smart companies will plan ahead so that the organization can survive now and be set to thrive in the future when the market improves. Manufacturer participation in racing is mostly an elective activity and is always one of the first areas to face massive budget cuts when times are really tough.

Prior to the turbo era of the ’80s and after the rear-engined revolution of the late ‘50 and early ’60s, independent teams flourished in F1. And there were many seasons where the Cosworth V8 powerplant was used by a vast majority of teams. To see virtually the entire F1 field populated by manufacturer-supported teams is a relatively recent occurrence. If all the manufacturers except Ferrari were to leave F1 today, the situation would not be much different from the state of affairs in the mid-’70s. For example, when the 1975 season opened in Argentina, of the 23 cars that qualified, 20 of them were powered by the same engine, the legendary Cosworth DFV.

I am firmly against Max Mosley and the FIA ramming a spec engine down everyone’s throats. However, I am certainly not against the presence of a common engine in the series. While the term “constructor” in F1 has now become analogous to the word “manufacturer,” the vast history of the sport reveals that constructors build their machines using whatever powerplants are available to them at the time. If this means that tomorrow their choice is limited to an Illmor-built engine, then so be it. Yet, instead of mandating that all teams use a chosen engine, the FIA should let natural selection play itself out. Manufacturers will always come and go as times change. But racers will always be around to compete.

The FIA should support an engine development program because the writing is on the wall. The days of big spending are coming to an end. But that does not mean we throw it all away in the name of cost savings. I am certain that even in the worst-case scenario at least three manufacturers will be present in F1. And these companies should be welcomed with open arms and encouraged to build their own engines. But to keep F1 healthy, there will need to be a freely-available, more affordable way to compete in F1. And this is where the “spec” engine comes into play. I sincerely hope this is the true intention of Mosley’s concept.