Mullins held an enviable hand in race with Appreciate It, Dysart Dynamo, Flame Bearer and Saint Roi giving the champion trainer a stranglehold on the Grade One.
The Mullins camp all seemed to side with Appreciate It, with Paul Townend making him his selection after two faultless victories over fences.
But the nine-year-old, who has missed so much time with various injuries, found younger legs too much to handle in a contest that was run at a ferocious pace.
That was set by Danny Mullins on Dysart Dynamo and after only four fences good horses like Fil Dor and Visionarian were a long way behind.
El Fabiolo (9-2) did make a bad mistake three from home, but Jacob allowed him time to get back into his rhythm and by the second-last he was in pole position.
A jubilant Jacob tells Lydia Hislop about his big win
As he began to pull away, Joseph O’Brien’s Banbridge began to stay on strongly and he eventually got by Appreciate It and Dysart Dynamo to finish second, but some 10 lengths away.
The Simon Munir and Isaac Souede-owned winner went down narrowly to Jonbon over hurdles at Aintree last season and those two now dominate the betting for the Sporting Life Arkle at Cheltenham next month, with Betfair making Jonbon their 13-8 favourite ahead of El Fabiolo at 2-1 (from 7s).
"He's just improving all the time. At the start of the year we were thinking maybe we should go out to two and a half (miles), but what he did at Christmas and again today it's definitely the Arkle," said Mullins.
"You could see every horse had a chance at different stages of the race. The one negative (was) when we made the mistake, but Daryl blamed himself for that, he said it wasn't the horse's fault.
"Then he came back on the bridle again and I thought 'this horse is travelling' and he just did everything right.
"Some very good horses were second, third and fourth so to win 10 lengths in that type of a race, he's goes to Cheltenham with a real good chance."
On the owners he added: "They both (Munir and Souede) have a great appetite for the game and enjoy it. They both travelled a long way to be here at the Dublin Racing Festival this weekend so it's fantastic that they've had a Grade One winner."
Final Orders delivers
Final Orders continued his rapid rise through the ranks to highlight a handicap double for Gavin Cromwell at Leopardstown.
While three of the Grade Ones on the card predictably went the way of Willie Mullins, although not all in the expected manner, both valuable handicaps went to Cromwell who can seemingly do no wrong at present.
Final Orders (9-2), rated only 59 on the Flat and 102 over hurdles, has been transformed over fences and was making it five out of six from a mark of 140.
Cromwell said: “He has massive scope, they are big fences around here but he just has so much scope. He loves it and is just thriving off it. He was off 140 there today and he’s only 102 over hurdles so it’s been a massive transformation.
“When we schooled him at home he jumped great, he’s very clever, but he really came alive when we ran him. That’s obviously the best race he’s run in and Keith (Donoghue) said it was the best feel he’s given him.
“I don’t know where we go from here, we’re probably gone out of the Grand Annual now and we might have to have a look at the Arkle. We’ll definitely have to consider it anyway.
“We went there last year with Gabynako and it’s a race that if you jump really well it does bring you into the race and does give you a chance.”
Perceval Legallois pulls away under Mark Walsh
Earlier, Perceval Legallois (4-1) had given Mark Walsh a first winner back from injury in the Race And Stay At Leopardstown Handicap Hurdle, in which Gordon Elliott’s hot favourite Maxxum was sunk without track.
Cromwell said: “He was really good, he ran well at Christmas and the horses are on fire at the moment. He travelled so sweet today.
“The horses have just taken a huge step forward and I’m grateful.
“He got the run of the race, they didn’t go a wild gallop. He had a nice possie and quickened well, he just did everything well. He’s qualified for the Pertemps and after winning today he’ll probably get in.”
The closing Shabra Charity Oliver Brady Memorial Future Stars Grade Two bumper went the way of John Kiely’s A Dream To Share (12-1).
Having won two seemingly weaker races in the summer, he took his form to a whole new level under John Gleeson, who powered away from Fact To File with a long way back to the third.
Kiely said: “We didn’t know how good the races he’d run in were. We freshened him up and aimed for this. Where we go from here I don’t know!
“If he’s well, Cheltenham will have to be next. We’ve always liked him at home, but we don’t have that much to work him with.
“It’s great for the Gleeson family (owner/breeders). They are neighbours of mine.”
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