Thank you everybody for your insight and empirical cases.
On your advice, I have reviewed some oil analyses posted by sports car owners who have moderate mileage and multiple years in service, and based on that, there is no evidence that oil needs to be changed every year.
Also on your advice, and to be on the safe(r) side, I will do a UOA when I drain this oil to see what is actually happening in my specific car. I bought a multi-pack from Schaeffer a few years ago, so I am good to go with that.
My strategy will be to go a little past two years, analyse, and adjust the interval based on the results. Going long between changes makes UOA at every change somewhat more economical - I will save the cost of unnecessary changes, plus cost/year for analysis will be quite good, and the diagnostic value of the analysis will be a bonus.
At this point, I am convinced that the recommendation for changing based on time may be a holdover from days gone by. It appears that the oils on the market now are just not subject to "spoiling", barring mechanical failures leading to fuel or coolant contamination, which oil analysis would reveal.
The question of how many years it takes for oil to degrade when used infrequently is still open, but based on the empirical evidence, I'd say it is MORE THAN three times the common recommendation of one year, and probably more for synthetics.
One thing is for sure, we'll have to wait a long time to find out! How many people on this board can resist tinkering with their oil for that long? This could be the most challenging barrier to answering the question! Reminds me of that old Tootsie Pop commercial...
Thanks again, and happy oiling!