That's right. You need four champions for the bitch and seven for the sire.
I have been lucky enough to have one of each. Probably will have no more as I lucked out and just don't breed enough litters. If you are not "biggie" in the show world and can't afford to advertise, it is hard to get "show potential" pups into true show homes. My SOM was loved by a handler and wanted to show him and his pups. My DOM had her pups go to several very serious show folks and her pups got finished fast. It is very difficult to finish a Championship in the US. (harder in some countries)
My girls are only bred when I want to continue my line and honestly I usually pick the pups I wish to keep and the others are sold into pet homes on spay/neuter contracts.