ONE loss meant there would be two losses. The magnificence of a 3-0 start faded into the ugliness of a 3-2 swoon. The next game of importance for the Giants comes Oct. 8 in Atlanta, where they hope to recover against an opponent of more modest credentials.

Admit it. This is the thought process at work this week, this is the price the Giants paid for falling down and losing badly to the Redskins. Inflate expectations, pump in victories but then allow the first puncture to release all the air and flatten out the season.

At 3-0, there was possibility, but at 3-1, the Giants were exposed, defeated the first time they confronted a team with real designs for the playoffs. And so, what the Redskins did in the cozy confines of Giants Stadium, the roughhouse Titans will have no difficulty repeating in Nashville. The Giants are supposed to lose this Sunday and then hope to fatten up on the Falcons and Cowboys, resulting in a highly-acceptable 5-2 at their bye week.

Take or leave this neat little formula at your own risk. But first, be forewarned: The Giants match up better with the Titans than you think.

The team that oozed grit and determination on its way to last year’s dramatic Super Bowl loss to the Rams remains a physical, rugged outfit, but the strengths of the Titans fall in line with how the Giants prefer to operate. Even in the loss to the Redskins, the Giants showed an ability to contain the running of Stephen Davis. More than anything, the Titans are a run-first offense, which means Eddie George is the key component to this game.

George is a brute and a force but he’s merely been ordinary (65-191) thus far, mirroring the entire attack. Tennessee could be 3-0 but more likely could also be 0-3, with three-point victories over the Chiefs (in overtime) and Steelers following a season-opening 16-13 loss at Buffalo. Neither Steve McNair nor Neil O’Donnell has been particularly effective and neither is completely healthy. McNair will start despite a painful bruised sternum, and forcing him to throw will play directly into the Giants hands, especially now that big-time tight end Frank Wycheck, the main target, will probably not play because of a concussion.

While the Giants are the picture of health – remarkably so – the Titans are banged and bruised. Receiver Yancey Thigpen is doubtful with a bad hamstring, sack-master Jevon Kearse is slowed by a strained thigh and defensive tackle Joe Salave’a last Sunday had to be removed from the field on a stretcher with a strained neck.

A case can certainly be made that the Giants will become the 11th consecutive victim to fall at Adelphia Coliseum, especially if they do not clean up their problems in the secondary and start to dial into some long-distance plays with their passing game. The one loss seemed to sting, paining Kerry Collins and his offensive line most severely. What on the outside can and will be viewed as an automatic loss could evolve into something quite different.

Just listen to Lomas Brown, the 37-year left tackle, who was not satisfied with his showing against the Redskins and Bruce Smith. Next up, he gets to tangle with Kearse, a pass-rushing nightmare. “To me you look forward to challenges like this,” Brown said. “It was a challenge the other night with me and Bruce. That’s the matchups you want to have. I’ll be there, I’m quite sure [Kearse] will be there.”

The Giants will be there, unwilling to preordain what many have already conceded.

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OTHER Giants-sized issues:

* The supposedly high-powered Giants’ offense has three touchdowns in the last two games and has not had a play cover more than 34 yards. Most of their damage this season has come from Tiki Barber‘s misdirection in the running game. But as Jim Fassel correctly points out, breaking long runs does not happen much against quality defenses. The Giants are going to have to start getting quick-strike points through the air.

* The “wakeup call” theme espoused by the Giants after the loss to the Redskins was more cliched than credible. This team handled the 3-0 start as rationally as possible, which is why the setback hardly seemed to devastate them. “It’s critical to put bad experiences behind you as quickly as possible and move on into the next game,” fullback Greg Comella said. “You just have to continue to grind. You’re in the wrong business if you have a fragile ego, especially in New York. I guess the fans and media change with the tide on a day to day-basis, whether you’re winning or losing, but you have to continue to focus on winning.”