Iron Honor vs. Chip Honcho: Breaking Down the 2026 Preakness Favorites

With the Kentucky Derby winner Golden Tempo taking a pass on the Preakness, the 2026 edition of the second jewel of the Triple Crown is genuinely wide open. Two horses stand above the rest on paper: Iron Honor at 9-2 and Chip Honcho at 5-1. Let's break down what each brings to the table.

Iron Honor (Post 9 | 9-2 Morning Line Favorite)

Jockey: Flavien Prat | Trainer: Chad Brown

Iron Honor is the morning-line favorite for good reason. Trained by the elite Chad Brown — one of the most accomplished conditioners in the game — this colt boasts a professional racing style that translates exceptionally well to two-turn dirt races.

What He Has Going For Him:

Chad Brown's barn has a sterling record in graded stakes at this distance
Flavien Prat is one of the most in-demand jockeys in North America right now
Post 9 gives him room to settle and find his position without early traffic
Does his best running late, which suits the Laurel Park layout

Questions to Answer:

Can he handle the pressure of being the morning-line favorite?
Post 9 means he'll need to work into the race from the outside — can Prat get him into position?

Chip Honcho (Post 6 | 5-1)

Jockey: Jose Ortiz | Trainer: Steven Asmussen

Chip Honcho is trained by Hall of Famer Steve Asmussen, who has more wins than almost any trainer in the history of North American racing. Paired with Jose Ortiz — himself one of the elite riders in the sport — this is a horse with championship-level connections.

What He Has Going For Him:

Post 6 is a golden draw — right in the middle of the field with options to stalk or press
Asmussen wins at an elite clip in marquee races and knows how to peak a horse for a specific date
Jose Ortiz is a smart, tactically savvy jockey who excels in tactical races
Showed brilliant speed in his prep work leading into the Preakness

Questions to Answer:

Has he done enough to handle the elite caliber of this field?
Asmussen horses sometimes need a race to fire at peak — will this be the right moment?

The Verdict

Both horses deserve their short prices. Iron Honor has the slightly better draw from a pace-scenario standpoint, while Chip Honcho's tactical versatility gives him multiple ways to win. If the race sets up with early speed, Iron Honor's closing style becomes even more appealing. If it comes up slow early, Chip Honcho's ability to be placed on the lead looks like the winning formula.

Our lean: Iron Honor, with Chip Honcho as a key exacta partner. Check our Picks page for our official premium selections on race day.