Explanation
You can use the RANK function to rank numeric values. RANK has two modes of operation: ranking values so that the largest value is ranked #1 (order = 0), and ranking values so that the smallest value is #1 (order = 1).
In this case, we are ranking race times. The lowest/fastest value should rank #1, so we set the order argument to 1:
=RANK(C6,times,1)