As the budget gap between racing teams continues to widen, Formula 1 organizers may look to standardizing some parts to control costs for teams. reports that F1 CEO Chase Carey recently confirmed the possibility of standardized parts to keep costs down but stated that no final strategy had been finalized just yet.

Budget differences are enormous from team to team. For example, Ferrari spent $389 million on its 2016 F1 campaign, while Force India spent just $106 million.

Should standardized parts be implemented, many say it should be in areas where fans will not notice or where the differences will be least recognizable. Suspension components may be one area officials look at, according to the report. The F1 boss also said any new measures will not "dumb down" any technology and still give teams plenty of room to operate and create their own engineering strategies. Another possibile solution may simply be budget caps.

"We’re not looking to standardize the car—we think it is very important to continue to have a sport that is competition married to state of the art technologies," Chase said. "We’re not looking to dumb the cars down, but I think we can standardize components of it."

Chase also revealed there have been "preliminary meetings" with teams regarding cost cuts, though the objective is not to give every team the same budget either. Nevertheless, it's clear Chase wants to give other teams a better shot at victory without injecting even more money, and that's certainly good for the sport.