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It's a default setting on vBulletin to only allow a set period of time (default 5 minutes) for users to edit the thread title for Forum Index display purposes. As a practical matter it makes sense, particularly in larger forums. If users are constantly changing thread titles on existing, active threads, it can cause confusion with other members.
On BGO we'd like to think both our thread starters and readers will be able to keep that from becoming a problem. If it ends up being one, we always have the option of closing the barn door again.
We've increased the time in which users can edit their own thread titles to 24 hours. Figure beyond that there are unlikely to be too many legit reasons to change one. All we ask is that everyone use common sense and good judgment in changing titles of existing and/or active threads.
Ah, I was actually thinking about my Caps thread in the 5 O'Clock Club forum - instead of creating a new one for the playoff run, I was gonna just edit the thread title. Although I suppose it wouldn't be causing too much clutter to start a new thread.