GRAND PRAIRIE, Texas -- There's more at stake for Pleasantly Perfect in the $4 million Breeders' Cup Classic than trying to repeat last year's victory.

If he wins, he could be named horse of the year and the champion older horse.

Tiznow in 2000 and '01 is the only horse to successfully defend in the Classic since the Breeders' Cup began 20 years ago. Saturday's eight races worth more than $14 million represent the event's first visit to Lone Star Park.

Pleasantly Perfect was the 5-2 early favorite against 12 rivals, including Belmont Stakes winner Birdstone; last year's Kentucky Derby and Preakness winner Funny Cide; and Ghostzapper and Roses in May, both undefeated this year.

The 1½-mile Classic has been lauded as the best field in the event's 20-year history, and five horses besides Pleasantly Perfect could cinch horse of the year honors with a win.

"The Classic is a phenomenal race," said Bob Baffert, whose only entrant this year is Roman Ruler in the Juvenile. "Pleasantly Perfect is definitely the best horse in the race. (Richard) Mandella should have been bragging on his horse a lot more."

But that's not Mandella's style, even after winning a record four Cup races last year at Santa Anita.

"It still feels like it never happened," he said.

Pleasantly Perfect came into the Breeders' Cup off a 69-day layoff, not having run since winning the Pacific Classic in August at Del Mar. But he was off nearly 60 days after winning the Dubai World Cup, the world's richest race.

"To do what this horse has done requires a special horse," Mandella said.

Pleasantly Perfect could be a sentimental choice, too. He is owned by Dallas banker Gerald Ford and will be ridden by Dallas native Jerry Bailey.

"It's special," Ford said. "But it does create a lot of pressure. I won't be able to bask in the anonymity of Santa Anita."

Regardless of what happens Saturday, Mandella's plan is to run Pleasantly Perfect in the Japan Cup in November. The horse will be retired to stud next year.

The Classic took an interesting turn when D. Wayne Lukas entered Azeri, the 2002 horse of the year. The mare would have been the favorite to win the Distaff for a second time.

"I'm always pumped, but this is special," Lukas said. "It's the marquee event of the year, along with the Derby, and Azeri adds another dimension to go over there and try to do something unprecedented."

Azeri, with 17 wins in 23 career races, will attempt to become the first female to win the Classic. Two others have tried -- Triptych was sixth in 1986 and Jolypha was third in 1992.

"She has beaten all the top fillies and mares," said Azeri's owner, Michael Paulson, "and part of the challenge of sport is to scale that next mountain."

Bobby Frankel, who trains Ghostzapper, disagreed with Azeri's placement in the Classic.

The only way she would win, he said, was if "the gates don't open for the rest of the horses."

Coming off a 63-day layoff was Birdstone, who spoiled Smarty Jones' Triple Crown bid in the Belmont. He also won the Travers at Saratoga, making him a horse of the year candidate if he would win.

"This is a long shot. This isn't easy," trainer Nick Zito said. "When you do hard things, you have to get credit."

Fan favorite Funny Cide, who was next-to-last in the 2003 Classic, rejuvenated his chances with a comeback victory in the Jockey Club Gold Cup this month.

"He's better than he was before," assistant trainer Robin Smullen said.

Besides Ghostzapper, Roses in May is also undefeated this year. He is one of three solid Breeders' Cup contenders owned by Ken and Sarah Ramsey.

The rest of the Classic field is Freefourinternet, Perfect Drift, Fantasticat, Personal Rush, Newfoundland, Bowman's Band and Dynever.

Baffert's sole hopes rested with Roman Ruler, who was to take on seven rivals in the $1.5 million Juvenile. The winner is tagged as the winter Kentucky Derby favorite.

The Ramseys also own Kitten's Joy, who was the early favorite to end a run of six straight victories by European horses in the $2 million Turf. The 3-year-old colt has won six of seven races this year.

In the $1.5 million Turf, defending champion Six Perfections faced 13 rivals.

Without Azeri, the $2 million Distaff featured Storm Flag Flying in the final race of her career. She won the 2002 Juvenile Fillies.