03/26/2003 1:00AM

Derby update

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WHO'S HOT

New York Hero and Eugene's Third Son, the top two finishers in last week's Lane's End Stakes, make their first appearance on the Derby Watch top 25, as does Logician, who most recently finished fourth in the San Felipe Stakes. New York Hero is 40-1 on the Kentucky Derby future line set by Mike Watchmaker, Daily Racing Form national handicapper. Eugene's Third Son is 50-1, Logician 60-1.

WHO'S NOT

Three horses - Champali, Great Notion, and Robledo - were dropped from the top 25. Champali was third in the Lane's End, and Great Notion was second as the favorite in the Rebel Stakes, in which he had a dreadful trip. Robledo was dropped because a minor foot injury will keep him sidelined until Hollywood Park's spring-summer meeting; he will not even be nominated to the Triple Crown. Lion Tamer, the beaten favorite in the Lane's End, floated up on Watchmaker's line to 40-1 from last week's 25-1.

ON THE BUBBLE

Crowned King, the upset winner of the Rebel, was the odd-man out this week. A defection from one of the top 25 could move him onto the list. The only stakes of interest this weekend are the United Arab Emirates Derby in Dubai, and the WinStar Derby at Sunland Park. Outstanding performances from horses in those races could get them into the top 25.