Is "Champ," the Lake Champlain Creature, Real?

Perhaps by now you are aware of the May 31st Olsen video purported by some to be the mysterious Lake Champlain creature known simply as "Champ." If not, check out the actual video, recorded by cell phone camera, by Eric Olsen HERE.

What is this moving through the water? A swimming dog? Another animal altogether? Video comparisons are available online of different animals in water. Is this a piece of driftwood floating along? Or is it indeed Champ?

For the record, Olsen himself has never attached the name Champ to his video, instead saying only that he recorded what he saw because he felt it was strange and interesting to him.

So what are your thoughts? Is this a terrific piece of video that could possibly be a huge step forward in cryptozoology and causes the history of marine biology to be rewritten? Or just another in a long line of footage that has gotten people's hopes up for nothing?

You tell us.