It seems only moments ago we watched the 20-horse field for the Kentucky Derby get set, and here we are again, looking at the gate for the Preakness stakes fill up.

This time, there are nine horses, a comparatively light field, with some heavy hitters out saving their strength for the Belmont Stakes and a couple of sidelining injuries. Last year, the Preakness gate was full with 14 – the most allowed – but light turnouts for the Preakness aren’t uncommon. You have to go back to 1992 to find another 14-horse field.

Certainly it is reasonable to feel some disappointment that only three have made the trip from Louisville. Barbaro chased good horses away. But what a trio they are: Barbaro, the slam dunk Derby winner, looking to live up to the hype; Brother Derek out of California, looking to make up for perceived slights; and Sweetnorthernsaint, the wiseguy horse. They are joined by six new hot shots gunning for the blanket of Black Eyed Susans.

There’s enough drama here, enough on the line, and enough good gambling to satisfy even the most jaded fan, or the crankiest gambler.

Clearly, with nine horses in the gate instead of 20, post position isn’t as crucial to the game – we’re approaching an actual race, rather than the 40 mph rugby scrum that is the first run past the grandstand at Churchill Downs. With the positions decided, we can begin to see the form the race will take.

The key speed horses envelope the field in the 1 and 9 slots. On the inside, Like Now was the pacesetter on April 22nd in the Coolmore Lexington Stakes, where he stuck gamely for the place. He’s going to pin it and go on Saturday, as well. He’s got no other race. He’ll be joined out front by Diabolical, popping out of the ninth hole on the far outside. Last out, Diabolical wired the field in a $36,860 allowance race at Delaware Park on April 25. You have to go all the way back to his 2-year-old maiden race at Belmont last July to find another victory, and he wired that one, too. He’s a one trick pony.

Those two will come together in the front of the field and set the early fractions. It’s unlikely that either will still be seeing an empty track in front of him when they cross under the wire, but the beginning of the race will be theirs, and either of them is game enough to make it rough for the horses that follow.

The 2, 3, and 4 slots are filled by Platinum Couple, Hemingway’s Key, and Greeley’s Legacy, respectively, and they will drop back en masse to catch their stride. Each wants some room before starting his run, and they’ll sink as if synchronized to allow whatever happens up front to happen without them.

The most interesting bit of the gate is to their right. There they are, the three big horses – Brother Derek, Barbaro, and Sweetnorthernsaint, all lined up against each other, snorting steam and pawing at the dirt.

It’s not exactly a three-horse race, but surely, for a moment, while the gate handlers are holding their harnesses, it’s going to feel as if might be. You can’t squeeze much more competition into a few feet, and I’d love to have a parabolic microphone to listen to what Alex Solis, Edgar Prado, and Kent Desormeaux have to say to one another.

Rounding out the field is Bernardini to the inside of speedy Diabolica.

The big factor in the gate draw is that it doesn’t look like it’s going to be a big factor. The speed horses will have to jump out to find each other, rather than naturally pulling themselves into a duel. There’s no rabbit sitting next to a jumpy favorite. The closers will have room to drop back. Everyone should have the opportunity to settle where they like.

Horses come out of the Derby with excuses, that’s the nature of the Derby. There may well be interference, and someone may well get hung wide, or bumped, or boxed out – bad trips happen everyday all over the country. But it won’t be the fault of the race itself, and you won’t have anything as banal as post position to lean on as a crutch. It’s a perfect gate. It’s a horse race.

Mr. Watman is the author of “Race Day: A Spot on the Rail with Max Watman” (Ivan R. Dee).