MiniRacingOnline (http://miniracingonline.com/inicio.php) is a free top-down racing game that is focused mostly around F1 - although there are visually many cars available, they all have F1-like physics. There are 130 official tracks available, including all of the F1 tracks. Although as a top-down game it is obviously not incredibly realistic, MRO has features including:

-Tire and fuel degradation

-Slipstreams

-Black flags for various offenses

-Car setup options

-Wet and changing-weather racing

-More!

Most importantly, MRO includes online play! Unfortunately, it is often difficult to find races, because the community is not that large and most of it is based in Spain. That's where you come in - I'm not sure whether it would be a championship or just some informal races, but I think getting some Redditors together to play would be great.

If anyone is interested, please post here! If there are interested people, we can figure out a time, format, etc...