After more than a decade of New Zealand dominance, the Southern Hemisphere’s Rugby Championship has finally become what fans had long hoped: competitive, compelling and closely contested.

But just as it appears to have come of age, the annual tournament is set to vanish for a year as South Africa and New Zealand revert to a traditional tour concept in search of bigger commercial returns.

The championship is expected to return in 2027 in the lead-up to the World Cup in Australia but will remain only as a biennial undertaking, leaving even-numbered years bereft of an official trophy.

As with the Tri-Nations, the All Blacks have dominated the four-nation competition, winning it nine times since Argentina joined in 2012.

Defending champions South Africa have been the All Blacks’ closest challengers and denied them a fourth title in succession last year.

But barring Australia’s lone 2015 triumph, when the tournament was truncated for falling in a World Cup year, neither the Wallabies nor the Pumas have really been at the races.

That has all changed in a riveting opening two weeks, with underdogs Australia and Argentina giving the usual frontrunners bloody noses.

While an injury-depleted Wallabies fell 30-22 to the Springboks in Cape Town on Saturday, it did little to drain the Australians’ confidence after walloping the world champions at Ellis Park in week one.

It was Argentina’s turn to break a drought over the weekend as they beat the All Blacks 29-23 in Buenos Aires for their first home Test win against them after 15 previous attempts dating back to 1985.

The stunning rebound was built on smart, running rugby following the Pumas’ 41-24 defeat in Cordoba.

It also left New Zealand fans and media wondering whether the All Blacks can recover their swagger under second-year coach Scott Robertson.

“The All Blacks’ 29-23 defeat to the Pumas in Buenos Aires …. should have everyone on edge,” veteran rugby journalist Richard Knowler wrote on Monday.

“And after what unfolded at Estadio Velez Sarsfield, it’s impossible not to feel jittery about what’s next on the Rugby Championship menu.”

The next course is South Africa and a blockbuster clash at Eden Park where Rassie Erasmus’s Springboks may fancy themselves a big chance to claim their first win at the stadium since 1937.

Australia return home to take on the resurgent Pumas in tropical Townsville.

For once, it would be a brave punter to bet on any of the teams taking a win to make a break from the pack halfway through the tournament.