Re: Teaching very young children to read. (long)
Personally, I'd continue with them. A point will come when she will recognise the word "championship" for what it is. Whether that's because she has simply memorised the appearance of the word along with its pronunciation, or if she has actually learnt to "read" it is somewhat academic.
My only suggestion would be to make it clear to her that you know when she is just guessing so if she has absolutely no idea what the word says, don't guess, but ask you to pronounce it out for her and learn it together.
If the word starts with "ch" and you hear her start to say a word starting "ha" then you can instantly stop her and say "No, it doesn't start with the "ha" sound, does it?"
I only had limited experience with a 4-year-old child when I taught in Madrid but her parents had given her a good basis and I found that the system above worked well. She realised very quickly that it wasn't worth just making a wild guess because I could tell instantly that that was what she was doing.
Remember - correct capitalisation, punctuation and spacing make posts much easier to read.