I decided to ask the knowledgeable people here before I start to worry too much...

I bought a 2014 stock 1LE about a month ago and on Saturday I wanted to get up and go so I put it into comp mode and stood on the accelerator before dumping the clutch. First thing I noticed was that the RPMs started to drop before I lifted the clutch. The next thing I noticed after letting the clutch go was that the engine seemed bogged down and my car had no desire to go through the gears. I tried 3 times all with the same result.
I have tried this once before and with the accelerator not all the way down the car was still very impressive and threw my passenger and I back in our seats while thrusting us forward and quickly going through the gears so I know the car was at least at one point capable of doing this.

My oil life is fine with about 2K miles on the engine, but my fuel was a bit low at just about a quarter tank. I run 91 octane out here in Salt Lake City. The first time I tried this was near sea level in Sacramento, CA.
Based on the info I provided does anyone have any thoughts as to what is going on? If I am leaving anything pertinent out please let me know and I will gladly answer any question as thoroughly as I can.

 

The car has traction control and the system is trying to prevent you from doing something stupid, like dumping the clutch. Flooring the pedal with no load will activate the rev limiter and drop revs in order to protect the engine. Unless you have a car set up for drag racing, dumping the clutch is a good way to break parts. Your car can accelerate much faster by not lighting up the tires and properly modulating the throttle and clutch.

 

In competition mode, all the traction control stuff is turned off, but I think it may lower the rev limiter limit as well. And yeah, with clutch dumps like that, you are looking for trouble. Be sure to carry some hefty garbage bags and oil soak to clean up the scattered parts and mess when something finally says enough and lets loose!

 

Thanks for the responses.

The dealers (I worked with two guys for this purchase) who helped me find the car I wanted were actually the ones who told me about this feature the camaro has when you put it in competition mode. They left out the part about cleaning up broken parts and the need for oil soak after we tried this on 3 different vehicles. It sure seemed like fun but I should have checked around before doing something so stupid.
My car is a ton-o-fun to drive and has plenty of acceleration when I properly modulate the throttle and clutch. I'll just look to add some more horses over time and have fun that way.