A battle of 2, or wide open?

NEW YORK -- There are two ways of looking at today's 137th running of the Belmont Stakes. It can be viewed either as a showdown for supremacy of the 3-year-old division between Preakness winner Afleet Alex and Kentucky Derby winner Giacomo, with the other nine entrants merely bit players, or it can be seen as an excellent opportunity for a fresh face to enter the winner's circle.

The first option is the more logical, but the second is the more interesting.

If you like the favorites, the only two set to run in all three legs of the Triple Crown, you should know that Afleet Alex has won four graded races, twice as many as the rest of the field combined (Giacomo won the Derby and Southern Africa won the Lone Star Derby). Giacomo is a noted closer and the horse most suited to the 1 1/2-mile distance. He came from 18th place to capture the Run for the Roses.

But at least three of the new nine, Reverberate, Southern Africa, and Pinpoint seem worthy of consideration.

Jockey Mike Smith, who rides Giacomo, was on hand at the barns and stated the case for the expected duel between Giacomo and Afleet Alex.

''I don't believe Afleet Alex should be 6-5 [in the morning line], and Giacomo should be 4-1," he said. ''That's too much separation. I didn't believe in the difference at the Derby [Afleet Alex was 9-2, Giacomo 50-1], either. A mile and one-half shouldn't be a problem for Giacomo. He always runs at the end. He always gallops out strong.

''In the Preakness [where Giacomo finished third behind Afleet Alex and jockey Jeremy Rose], I had to idle him for a 16th of a mile. By the time I got him through, the race was over. I rode here for 15 years, and that's to my advantage. And the big, sweeping turns here are to his advantage.

''Giacomo is tall and long-legged. Afleet Alex is more compact, and has a quick turn of foot. When they ask Alex, he gives it to them big time. The Pimlico turns are tighter, and Alex is so athletic, he zipped around them. He got away from me at the 3 1/2-furlong marker, and I couldn't get Giacomo through until the quarter-pole. Afleet Alex was moving so quick around the turn, he just exploded. But, if I had gotten through, it would have been a lot closer than it was [Giacomo was nearly 10 lengths back]. But here, if a jockey isn't used to Belmont [as Rose isn't], it's confusing to them, and it's intimidating. The turns are so big, they're simply not used to that."

Smith, who is now based in California, is 0 for 9 in the Belmont, but he was second on Thirty Six Red in 1990, his first Belmont ride, and third on My Flag, a fine filly, in 1996.

''Riding in the Belmont is out of this world for me," he said. ''I accomplished a lot in New York, but I never won the Belmont. I've got a big chance this time. I know who Giacomo is and what he is. I haven't gotten to the bottom of him yet. Sometimes, you know when a horse is just spinning his wheels. That's never happened to him.

''I'm just happy to be in New York. I love it here, and I can't wait for the race. You just need to look at him. He looks good. [Trainer] John [Shirreffs] would never have got on the plane to come here [from his home base at Hollywood Park] for this if Giacomo wasn't ready. If he was less than 100 percent, he wouldn't be here."

So, the argument becomes Afleet Alex's quickness against Giacomo's stamina. But if you don't see it as that simple, you might want to look at Reverberate, the third choice at 6-1.

Centennial Farms, owners of Reverberate, have been pointing him toward the Belmont since he was 2 years old. He's been busy -- the Belmont will be his third race in 34 days -- but he looks the part, and he has a shot. He will definitely show speed out of the gate under Jose Santos.

''I was looking for him to be a fresh horse, but it's a lot to ask now," said Sal Russo, who trains Reverberate. ''He ran a great race in the Peter Pan [second at Belmont May 28]. He has really improved in his last three starts. I think adding blinkers to his equipment, and the fact that he has matured, have helped him."

Southern Africa, at 12-1, is intriguing. As a 2-year-old, he ran his first three races in England, winning a maiden contest, running second in a minor stake, then winning an allowance event. He won a stake at Sunland Park in New Mexico, and, when he won the Lone Star Derby May 14, observers of Texas racing said he was impressive.

''Everything has gone great since the Lone Star Derby," said Mike Puhich, who trains him. ''I always thought that, against top-caliber horses, he would improve because he'd get more ground. I think the Belmont distance could be the equalizer for him."

And, then there is Pinpoint.

Barring a late scratch today, trainer Nick Zito will set a record by having 11 starters in one Triple Crown (five Derby, three Preakness, three Belmont), breaking the mark set by the ubiquitous D. Wayne Lukas, who ran 10 in 1996 (five Derby, three Preakness, two Belmont). Pinpoint is 20-1 in the line, but he has won three in a row, including the Sir Barton Stakes on the Preakness undercard. He may represent Zito's last best hope, because his other two entrants, Andromeda's Hero and Indy Storm, don't look too strong.

Having spoken of the favorites, Smith gave the long shots a mention. ''The winner could be a horse you wouldn't even worry about that just happens to stay on," he said.