The correct statement regarding the relationship between the degree of a polynomial and the number of relative extrema it can have is:
The number of relative extrema of a polynomial is, at most, one less than the degree.
This means that if a polynomial has a degree \( n \), it can have up to \( n - 1 \) relative extrema. It is important to note that the actual number of relative extrema can be fewer than this maximum, depending on the specific polynomial.