03/05/2003 12:00AM

Derby update

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WHO'S HOT

Fair Grounds. With Kafwain, Badge of Silver, and Peace Rules - the top two, and three of the top 14 on Derby Watch - all in Sunday's Louisiana Derby, Mardi Gras is lasting a few more days. Composure and Great Notion are the latest additions to the top 25. Composure, a filly, has yet to face males, but trainer Bob Baffert has left open the possibility of running her in the Kentucky Derby. With recent defections, she deserves to now make the list. She is 25-1 on the future line set by Mike Watchmaker, Daily Racing Form national handicapper. Great Notion, the runaway winner of last Saturday's Southwest Stakes, is 50-1 on Watchmaker's line.

WHO'S NOT

Our Bobby V. and Toccet have been dropped from the top 25. Our Bobby V. is heading back to sprints following a disappointing run in last Saturday's San Rafael Stakes. Toccet has been taken out of Derby consideration because of setbacks in his training. Sky Mesa's status is very tenuous; trainer John Ward Jr. said the colt's Derby status is on hold. As a result, Sky Mesa floated up to 15-1 on Watchmaker's line after being 6-1 a week ago.

ON THE BUBBLE

Champali, the Battaglia Memorial winner, and Cherokee's Boy, who won the Deputed Testamony, just missed making the top 25 this week.