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Champion's penultimate test in F1, early and important laps (9)

Ross

I believe the answer is:

semifinal

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'f1 early and important laps' is the definition.
I can't tell whether this defines the answer.

'champion's penultimate test' is the wordplay.
'champion's penultimate' becomes 'semi' (I can't explain this - if you can you should give a lot more credence to this answer).
'test' becomes 'final' (final is a kind of test).
'semi'+'final'='SEMIFINAL'

'in' is the link.

Can you help me to learn more?

(Other definitions for semifinal that I've seen before include "pivotal match" , "big game" , "Competitive match" , "Round with four contestants" , "Tie" .)

I've seen this clue in The Independent.
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