Dealing with Keyword Cannibalization

I will use fictive titles to illustrate my issue. I recently created a fairly short 450-word article called "Ferrari Racing Competition."

Unfortunately, it has now outranked my 5000-word article "Ultimate Ferrari Driving Guide" for the keyword "Ferrari" and other keywords that are far more prominent in the 5000-word article.

I can't complain about ranking well and the competition ends at the end of the month, after which the article is no longer relevant.

I think there are two solutions to this:

(1) Remove keywords from article and meta description and let it slowly rank down.

(2) 301 the article to the longer article, and maybe integrate the competition part into that, could perhaps 301 into an anchor tag to the competition part.

What do you think is the wisest? I'm asking so I can create a similar approach to future problems, perhaps I'll be more careful with my keyword usage. I never thought something so short and quickly written would get picked up so rapidly and significantly by google.

1. Deoptimize the post for the keywords
2. Check your internal links
3. If I were you I would also choose option 2. But I would add a canonical tag to the post instead of a 301 and put the content in the post you actually want to rank

I would now link to the 5000 word post. Put a CTA to click through to the 5000 link article. I would avoid deranking the 450 word article.

Thank you