Sky Sports F1's Damon Hill believes Red Bull are "in reverse" as the chase for the Drivers' Championship starts to hot up, and he also reckons they could even finish third in the Constructors' Championship.
McLaren now lead the Constructors' Championship, while Max Verstappen heads the Drivers' Championship by 59 points with seven races remaining.
Red Bull are not at the top of the Constructors' Championship for the first time in 55 races, dating back to the 2022 Miami Grand Prix. McLaren are 20 points in front of Red Bull and currently have the faster car.
Now, Lando Norris is chasing down Verstappen for the individual honours too and, for Hill, it is on Red Bull to "manage the decline" so they can sneak over the line come the end of the season.
"The value of a win is everything. It is almost like the old saying, the first loser is the guy who comes second," Hill told the Sky Sports F1 podcast.
"You never want to be second. When you are in the sharp end it is only good to win.
"Obviously, you can win a championship by finishing regularly in the points and finishing second, but it just makes it much more intense.
"Red Bull are in reverse. It is like gravity is pulling them back down as the championship goes on.
"They are literally losing performance because everybody is accelerating their development and finding gains that Red Bull simply can't.
"They are having to manage the decline if you like because they need to cross the line at the end of the championship with just one point and it looks like it is going to be very, very close at the rate at which Ferrari and McLaren are catching them.
"I think Red Bull will be thinking that they have probably lost the Constructors' Championship, especially with Checo's (Sergio Perez) continued bad fortune.
"I don't see how they are going to look at bags of points going forward compared to Ferrari and McLaren."
Even though Red Bull are the team being "pulled back down", Hill would still prefer to be in Verstappen's position compared to Norris' and says just keeping possession of top spot is key.
Indeed, he believes if Verstappen can go as fast as he can "without dropping the baby" then he could hold off the risk-takers over his shoulder.
"I think possession is nine-tenths of all of it. He has got the points already, Max, but they are sitting there and just watching it be eaten away," Hill added.
"It is a question of how fast the rats are eating the cheese.
"They are sitting there anxiously but they are the people in the lead. If you see it as a race, it is literally how many tenths of a second are they taking out of you per lap before you cross the line.
"It is better to be in the position with the points. You can find something and turn it around and find a solution to the problem they have got and find some gains.
"They are playing out the advantage they have got.
"When you are chasing you have nothing to lose. That is the beauty of chasing positions, hunting down the people in front is, 'I am second anyway so I can take all the risks'.
"I used to think of it like leading the race was like an egg and spoon race. Or, let's see you holding the baby - you cannot drop the baby. Go as fast as you can but do not drop the baby.
"When you are chasing, you are not holding the baby, you are just like a wolf chasing the guy in front.
"When you are in the lead, that is the precious thing that everybody is after, you have got it, and you mustn't drop it."
Sky Sports F1's live Singapore GP schedule
Thursday September 19
12pm: Drivers' Press Conference
Friday September 20
8.15am: F1 Academy Practice
10am: Singapore GP Practice One (session starts 10.30am)
11.55am: F1 Academy Qualifying
1.45pm: Singapore GP Practice Two (session starts 2pm)
3.15pm: The F1 Show
Saturday September 21
8am: F1 Academy Race One
10.15am: Singapore GP Practice Three (session starts 10.30am)
1pm: Singapore GP Qualifying build-up
2pm: SINGAPORE GP QUALIFYING*
4pm: Ted's Qualifying Notebook
Sunday September 22
8.30am: F1 Academy Race Two
11:30am: Grand Prix Sunday: Singapore GP build-up
1pm: The SINGAPORE GRAND PRIX
3pm: Chequered Flag: Singapore GP reaction
4pm: Ted's Notebook
*also live on Sky Sports Main Event
Formula 1's thrilling 2024 season continues live on Sky Sports F1 this weekend with more stunning street circuit action, this time under the lights at the Singapore Grand Prix. Stream every F1 race and more with a NOW Sports Month Membership - No contract, cancel anytime
