BALTIMORE — Carl Nafzger was in the middle of discussing the virtues of the Preakness as the second jewel in the Triple Crown when he suddenly put it all into perspective.

"The Preakness is great. Everybody knows it," the longtime trainer said. "But it's not the Kentucky Derby and never will be."

The Derby is without question the most prominent horse race in the United States. It attracts the finest 3-year-olds in the world, usually draws more than 150,000 fans and owns a wonderful, snappy nickname: "The Run for the Roses."

The winning horse is virtually assured a future as a stud, the winning trainer enhances his reputation and the winning jockey — at least this year — earns an invitation to a white-tie dinner with Queen Elizabeth.

"There's only one Derby," conceded Lou Raffetto, president and chief operating officer of the Maryland Jockey Club.

And what can be said of the Preakness?

"What makes the Preakness special is, when the horses come here you still have the chance for a Triple Crown," Raffetto said.

That's the main reason why Nafzger was holed up in Baltimore the latter part of this week. After winning the Derby with Street Sense two weeks ago, Nafzger hoped for a replay in the Preakness on Saturday.

Even if Street Sense didn't surge to victory in the Derby, Nafzger might have shipped his horse to Baltimore. But his incentive would have extended beyond the $1 million purse.

"Without the Derby, you still come here because it's a stud race," he said.

That, to a degree, explains why there are five horses in the Preakness that did not participate in the Kentucky Derby. Because the newcomers are fresh, it makes it that much tougher for the Derby winner to pull off a suitable encore.

"Coming back in two weeks, you're a little bit vulnerable," trainer D. Wayne Lukas said, "and the new, fresh faces are going to be a concern."

Should Street Sense win, the crowd in New York for the Belmont will be massive. If he loses, there should be a sparse gathering in the grandstand.