There were cap guns named "Champion" that I believe were named after Gene Autry's horse, but this isn't one of them. Instead, the name seems related to that funny looking metal lever attached to the front of the grip. The idea is that you squeeze that lever as you draw your gun, and it times the speed of your draw. The box (which I do not own) proclaims it to be "An Art Linklater Award Toy." Maybe an endorsement by old Art would impress parents, but it's hard to imagine it impressing a kid.
In these pics it's tough to see through the little clear plastic window in the grip. But there's a wheel in there with numbers on it. Before each draw you wind the wheel through a hole in the bottom of the grip. As you draw the gun from your holster, you squeeze the lever, starting the timer. Somehow, this is supposed to time your draw, and the number displayed in the window tells you how good you are, in hundredths of a second. A score between 10 and 40 hundredths makes you an EXPERT. 40 to 70 is FAST. 70 to 90 is GOOD, and 90 to 100 rates you DEAD. Ouch.
This little plate flips up to load roll caps. Official Kilgore brand caps are recommended, natch.
Lots more Cap Guns HERE.