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LRRS rules show options for when an AM can request a bump early, and note that LRRS officials can administratively bump an AM, but also an AM at that point can request to stay with yellow plates until the end of the year but may become ineligible for ROTY if they do so. Nothing about auto-bumping. Also interesting to note they list thresholds for LW to UL classes for early bumpage, as well as PTwins (doesn't exist) and P89, but not UL?
There are also restrictions on the overall AM awards, basically it's a one and done deal it looks like so... yeah, why stay an AM after winning a championship?