Might be risky second guessing michael o leary, but my guess would be he's sporting and wants to win the biggest races, but is also a pessimist.
I think last year he would have thought she had a chance so they had a go. But since she was well beat, I'd say he's just thinking she's not good enough to win it now, I don't think he'll be agreeing with gordon that she wasn't right. I'd guess he's thinking that if she can't beat lossie at leopardstown, where her best run has been, then she's not going to beat her at cheltenham. So if your a champion hurdle backer I'd say you might need her to win at the weekend to go for the champion.