I'd argue that they do share the same space, especially since they expanded the nominations to a max of 10, but with priority given to smaller films.
I'm trying to imagine what it would look like if that priority was eliminated, and now bid budget smashes like Logan, Wonder Woman, Planet of the Apes, etc sit comfortably every year in the BP nominations. I already feel like some smaller films like The Florida Project are snubbed. It would be even worst if a small flick like that is now competing against Deadpool or whatever.
If I have a complaint about what a BP nominee should look like, or a vision of what the redefining that you mentioned should look like, it's not necessarily for more big budget/popular films, but for hard genre stuff like light comedies and horror films like The Witch to get more of a shot. But even then, it's not like there are a ton of them released recently that I can point to as films that should have been nominated.