Helpful to have a little more info. What distance events? What kind of bike? How do you typically do on the bike? Where do you typically place? What are your goals? Any budget constraints?

IM distance bike time typically around 5:40. Riding Blue Triad now. Was riding Cervelo p2. Just wondering if there are significant upgrade characteristics now available or if it's pretty minimal.

Straight objective, economic analysis, no. Your wheels are slower than everything on the market today. But, the incremental cost of the upgrade versus the time gained is off the charts. If you have discretionary funds, go for it.