Here's a much better idea. At the start of each year, generate the formula for the following year at random. Then the engineers have the year to design the car. Each year the formula changes completely, providing a genuinely new engineering project each year.
For example roll a dice for:
- Electric (1/6) or combustion (5/6).
- If electric: various details but not interested.
- If combustion:
- Rotary (1/6), two stroke reciprocating piston (1/6), four-stroke reciprocating piston (4/6).
- Cylinders: 4,5,6,8,10,12 all 1/6
- Toluene allowed (1/6)
- Length: 4 to 6m by d6
- Width: 1.6 to 2.2m by d6
- Wings banned (1/6)
- Skirts allowed (1/6)
- Weight limit: 400kg to 600kg by d6
- Tyre sizes: vary by similar method
Something like this would provide real engineering interest and bring the best creative minds and best drivers to the fore rather than the best tinkerers and optimisers.