Several days after Stronach Stable's Red Bullet finished second to Fusao Sekiguchi's Fusaichi Pegasus in the Wood Memorial Stakes (G2) on April 15 at Aqueduct, the colt's trainer, Joe Orseno, drew a red line through the Kentucky Derby (G1). Instead of running for the roses, Orseno decided to sit back, give his talented but lightly raced runner two extra weeks, and prepare for the Preakness Stakes (G1) on May 20 at Pimlico Race Course.

It is a decision Orseno does not regret, even after watching Fusaichi Pegasus and Wood third-place finisher Aptitude finish a clear first and second, respectively, in the Derby. In fact, he is palpably excited about the challenge of facing Fusaichi Pegasus again.

"Any time (Penn State football coaching legend) Joe Paterno has a month to prepare for a bowl game, you saw what he could do for a team," Orseno said.

"I've had five weeks to prepare for this race." Orseno, however, is going against the flow. Having easily vanquished 18 other three-year-olds in the 126th running of the Derby, Fusaichi Pegasus could face a field less than half the size of the Derby lineup in the 125th Preakness. As of May 12, only eight three-year-olds-Fusaichi Pegasus, Wheelaway, Captain Steve, High Yield, Hal's Hope, Red Bullet, Snuck In, and Hugh Hefner-were considered probable Preakness starters by the Maryland Jockey Club. Only three others-Impeachment, More Than Ready, and Sun Cat-were considered possible starters.

Generally, Derby attrition and a 14-horse maximum field for the Preakness has meant the Preakness draws fewer horses than the Derby. From 1995-'99, 84 runners contested the Derby, compared with 56-an average of 11.2 starters-in the Preakness.

But the astonishing thing about this year's Preakness field is the way a seemingly deep, highly competitive Derby field quickly scattered following Fusaichi Pegasus's convincing victory. It appears that as few as four and no more than six Derby also-rans will compete in Baltimore.

Neil Drysdale, noting how remarkably clean a trip his trainee Fusaichi Pegasus had in the 19-horse Derby field, said the prospect of a smaller Preakness field did not automatically give him peace of mind.

"A reduced field limits the problems," Drysdale said. "But, then again, sometimes you have a five-horse field and the jockeys start looking at each other and get confused. You can't take anything for granted."

As if to drill the point home, Drysdale waited until five days after the Derby to upgrade Fusaichi Pegasus's race status from "possible" to "probable." The colt did not ever appear to be in danger of not running in the race-Drysdale started talking about shipping arrangements the day after the Derby and scheduled a "reconnaissance" mission to Pimlico the week before the Preakness.

But Drysdale wanted to see how the colt came out of the Derby before formally committing to the Preakness.

"He was nice and bright and reaching right out," Drysdale said after watching Fusaichi Pegasus go out for a two-mile trot on May 11 at Churchill. "I think he's coming along pretty well. The problem here is obviously we've only got two weeks to prepare (for the Preakness) instead of three."

Fusaichi Pegasus was scheduled to have one workout at Churchill Downs before shipping to Baltimore.

Others regroup

The first two contenders to arrive in Baltimore were High Yield and Hal's Hope, who finished 15th and 16th, respectively, in the Derby.

Trainer D. Wayne Lukas usually prefers to ship his Preakness week stakes runners to Baltimore a few days before the Preakness. This year, however, he shipped the week before, sending a contingent led by High Yield and 1999 Breeders' Cup Classic (G1) winner Cat Thief, who finished fifth in the Pimlico Special Handicap (G1) on May 13 at Pimlico.

Lukas said he was still trying to piece together the puzzle that was High Yield's Derby performance. The multiple Grade 1 winner broke from post 17 and was never able to get to the front of the pack after being bumped at the start. "I have no idea what happened (to High Yield) in the Derby," Lukas said. "I've looked at the (video) tapes and couldn't spot anything that would have compromised him. He didn't get to running at all. I don't like to blame tracks, but I can tell you that the two bad races he ran were both at Churchill Downs."

Of the Derby runners who are skipping the Preakness, Aptitude was returned to California to prepare for the Belmont Stakes (G1) on June 10, while Santa Anita Derby (G1) winner The Deputy (Ire) (14th in the Derby) and two-year-old champion Anees (13th) were shipped back to California for short breaks. Another West Coast-based Derby starter, ninth-place War Chant, was also scheduled to return to California, according to Drysdale.

The other two newcomers to the Triple Crown scene, Snuck In and Hugh Hefner, both enter the race with slightly different agendas. Arkansas Derby (G2) runner-up Snuck In was withdrawn from Derby consideration four days before the race to give him two extra weeks of training. Trainer Steve Asmussen was feeling good about that decision after the Montbrook colt drilled six furlongs in 1:11 3/5 on May 9 at Churchill.

"(Fusaichi Pegasus) looked like something that was breaking his maiden easily (in the Derby)," Asmussen said. "But it's a situation where we've got to try to do what's best for our horse. I think that, as far as the timing goes and everything, he's due for a big race and you'll see where it puts you on things. You'll see who you have to avoid in the future and what you're not supposed to be scared of."

A less ambitious tack is being taken by the connections of California-bred Hugh Hefner, who enters the Preakness off a second-place finish in the restricted Snow Chief Stakes on April 30 at Hollywood Park.

Migliore gets five days for Derby ride

Stewards at Churchill Downs on May 10 suspended jockey Richard Migliore for five racing days for his ride aboard Wheelaway in the Kentucky Derby (G1) on May 6.

Migliore, riding in his first Derby since 1987, hit Wheelaway right-handed at the top of the stretch, causing him to duck sharply to the left and crowd Captain Steve into More Than Ready. Captain Steve faded to eighth while Wheelaway finished fifth. More Than Ready finished fourth. No purse money was involved and there was no inquiry following the race.

The suspension was scheduled to run from May 13-19, but Migliore has appealed the suspension. Track stewards, as of May 12, had not set a date to hear the appeal.