The iconic twin spires of Churchill Downs are great, but the image we're interested in is the winner's circle photo. We take a closer look at the five favorites of the 137th running of the Kentucky Derby, the horses most likely to be draped in roses in that winner's circle.

Odds: 4-1
Why he'll win: Trainer Nick Zito has won the Derby twice, with Strike the Gold in 1991 and Go for Gin in 1994. Zito mapped a Derby path for Dialed In that produced no significant bumps, which sets the colt apart from his 19 rivals Saturday. He runs from well off the pace, a style that suits the Derby, where over-eager jockeys riding young, speedy horses often set a suicidal pace, only to back up in the stretch.
Why he'll lose: He's simply not fast enough. He had a 93 Beyer speed figure — a handicapping tool that estimates a horse's true performance — in winning the Florida Derby with a stretch rally. That's well below Derby par, and Derby contention. The flip side of a closing style is you're at the mercy of those ahead of you. Traffic or a surprisingly slow pace brings doom. Jockey Julien Leparoux has not finished better than fifth in four previous Derby tries.

Odds: 6-1
Why he'll win: A late-developing colt, Nehro confirmed his quality with back-to-back second-place finishes in stakes races, the Louisiana and Arkansas Derbys. That's reminiscent of Real Quiet, who finished second in his past two prep races before popping at 17-1 at Churchill Downs. Further development puts Nehro right there. His closing style fits the winning profile.
Why he'll lose: Nehro had only one start as a 2-year-old and did not win a race until February. He still has no stakes victories. It's asking a lot for a horse to come on that quickly and better 19 rivals while running 1-1/4 miles for the first time. Neither trainer Steve Asmussen nor jockey Corey Nakatani has won the Derby.

Odds: 10-1
Why he'll win: He can make a sustained, sweeping move. That's a tactic that can prove essential when trying to rally in a crowded Derby field. The ability to go wide on the final turn yet still have some kick in the stretch is a great advantage. Archarcharch's winning rally in the Arkansas Derby suggested he has that kind of ability.
Why he'll lose: He drew the dreaded rail position, considered the worst starting spot for the Derby. He also hasn't beaten a proven horse. (Nehro was a quarter-length back in the Arkansas Derby, but he remains more potential than proof.) Archarcharch was smoked by The Factor two races back, a horse with blazing speed but questionable distance pedigree. Neither trainer Jinks Fires nor jockey Jon Court have won a Kentucky Derby.

Odds: 10-1
Why he'll win: Trainer Bob Baffert has three Kentucky Derby wins. He knows what he's doing. And jockey Victor Espinoza won this race for Baffert aboard War Emblem in 2002. Midnight Interlude comes off a victory in the Santa Anita Derby, a race that has produced many Kentucky Derby champions. He doesn't know he's not supposed to win. Midnight Interlude won the Santa Anita Derby immediately following his maiden victory. That's a rarity.
Why he'll lose: Nehro is John Henry compared with Midnight Interlude. Talk about inexperience! His first race came in January, and he never has raced at a track other than Santa Anita. Heck, Hollywood Park is foreign to this colt. He took a big step forward to win the Santa Anita Derby, but that often means a "bounce" race for a young horse, a regression in performance. Midnight Interlude can't lose a step if he hopes to hit the board.

Odds: 12-1
Why he’ll win: Shackleford might be the favorite here if he had held on to beat Dialed In at the wire in the Florida Derby. He was chased down by the opening Derby favorite, but he was also a 68-1 dog entering the race. With his form on the rise, he might be ready to go the extra distance on Saturday. He also had a great five-furlong workout (58.83 seconds) this week.
Why he’ll lose: The added distance could also work against him. If he wears himself out setting the pace at the front of the field, one of the late-charging horses could run him down again. If there’s rain, sloppy conditions could slow him down from the get-go.