Option 1 -> Elevate means to raise to a higher position or rank, which is the opposite of relegate.
Option 2 -> Demote means to reduce to a lower rank or position, which is synonymous with relegate.
Option 3 -> Acknowledge means to recognize or accept something, unrelated to changing positions or status.
Option 4 -> Celebrate means to honor or praise, which has no connection to the concept of relegation.
Hence, Option 2: Demote -> "Relegate" means to assign or consign to an inferior position or place, making "demote" the closest synonym as both convey the idea of moving someone or something down to a lower status or rank -> correct