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im sure some of you noticed, it does not exist in the center, only on the sides...... ??????????
Tires are a contributor to aero drag. With the C7, I understand they have some belly pans that smooth out the underside of the car, and they routed the exhaust pipes through the center tunnel(using NASA high tech heat shielding material), instead of under it as on the C5/6. Because of this they probably only need to direct the air around the tires to the side of the car, and let the air in the center flow under the car to help feed the undercar rear brake ducts.
The air that would normally be flowing through the radiator into the engine compartment and then under the car, is now being funneled through a duct(vent) in the hood, that helps offset front lift from the air flowing under the car.