Key Moment

	Spanish Chestnut set a blistering pace early, but faded along with many other favorites. Bill Frakes/SI
	SI.com's Kentucky Derby Coverage Longshot Giacomo wins Kentucky Derby Smith, Shirreffs, Moss a winning combination Zito's five horses fail to meet expectations Beech: Blistering early pace tires favorites SI Photos: 2005 Kentucky Derby SI Photos: Handicapping all 20 horses Layden: The horses to beat Bellamy Road Beech: 10 classic moments in Derby history Layden: Is Afleet Alex 2005's Smarty Jones? SI Extra: 10 things to know about the big race SI Players: Derby veterans' favorite memories Deford: Americans get the fever once a year

The first quarter-mile went in 22.28 seconds. Led by Spanish Chestnut, who faded badly to 16th, the pace of this Derby was brutal from the start. The split at the half-mile mark was 45.38. Of the four horses out in front heading into the first turn (Spanish Chestnut, Going Wild, Bellamy Road and Flower Alley), none finished in the top five. Only favorite Bellamy Road hung on with any tenacity, finishing a dull seventh. The suicidal early fractions set the race up for all the one-run closers, of whom winner Giacomo proved to be the best. The last quarter mile took nearly 27 seconds.

Racing Strategy

For Giacomo, the goal was to let all the speed in the race burn itself out, then pick up the pieces. Of course, that was also the setup preferred by second-choice horse Afleet Alex. Jockey Mike Smith, however, made the difference on this day, weaving in and out of traffic all the way around the track and putting Giacomo in perfect position to strike. His ride should go down alongside Bill Shoemaker's on Ferdinand in 1986 as one of the finest in Derby history.

Big Disappointment

Though Afleet Alex couldn't take advantage of the perfect pace setup, the biggest dud in the race by far was favorite Bellamy Road. The big bay looked to be in great shape, breaking in the clear and racing unfettered up to a few lengths of the lead. But the colt never appeared to settle into the easy gate he used to romp in last month's Wood Memorial. He seemed to have a chance at the top of the stretch, but came up hollow as a gourd. A major disappointment.

Preakness Prospects

For Giacomo, winning in Baltimore two weeks from now will be a tall order. Nobody is going to be scared off by the victory of a 50-1 shot in a race where the leaders completely burned themselves out. The Preakness pace should be much more reasonable, making Giacomo's task much more formidable.