LAKERS JUST MAY BE RULING, NOT RUING.

Byline: MICHAEL VENTRE

When the UCLA Bruins entered the NCAA tournament, it was widely believed that they comprised the type of team that could either stand alone in New Jersey atop the world of college basketball or slink home as one of the field's first casualties. We all know what happened.

It is somewhat astounding to find that the Los Angeles Lakers are in a similar situation. With Magic Johnson aboard, these Lakers could conceivably cut a swath through the Western Conference opposition and advance to face the Chicago Bulls in the finals. Or, they could discover that the Houston Rockets represent their version of the Princeton Tigers.

Time will tell.

But let's weigh the pros and cons of the Lakers' chances and see if we can't predict the future.

The greatest strength these Lakers possess is an esprit de corps that was not present before late January, when Magic decided to end his retirement and serve as floor coach. Before that, ``The Lake Show'' was akin to ``Attack of the Killer Tomatoes'' in terms of quality entertainment.

With Magic, the Lakers are a cohesive unit. They are a versatile bunch, able to put their esteemed leader at just about any position. With Magic, the Lakers don't dawdle on defense. They don't waltz through practice. They don't take their talent or their opportunities for granted.

These Lakers are more focused, more confident, more excited about their prospects. Before Magic, they were a gifted bunch of guys with attitudes capable of knocking off a Seattle or a Phoenix, but not having much in the way of regret should vacation come early. Magic has turned them into a team with a reason to live beyond the first round.

And let's face it, they are much more fun to watch. The passing is crisper. The rebounding is more determined. The shot selection is brainier. A fast break with Magic involved is infinitely more satisfying than one with him in street clothes seated next to Arsenio Hall.

Of course, not all is rosy.

The Houston Rockets are one of two teams - the San Antonio Spurs being the other - that represents the most arduous challenge for the revitalized Lakers. Hakeem Olajuwon has no peer when it comes to pressure play from the post. He never has been daunted by the history and excellence of Magic and the Lakers; he will be even less so with two championship rings on his talented fingers.

The rest of the Rockets will be equally undeterred. While the Lakers have promise, they don't frighten anyone either (with the exception of officials and their immediate families). The Rockets historically have treated the Lakers with less than reverence, from the first-round bouncing in '81 (with coach Del Harris in the enemy's chair) to the crushing Ralph Sampson shot in '86, with an even amount of regular-season success sprinkled in.

Like UCLA, the Lakers enter the postseason with baggage. The entire Cedric Ceballos betrayal on water skis supposedly galvanized this group and made it stronger. Yet no doubt some of the other Lakers look askance at Ceballos and wonder what other vacation spots he might have his eye on. Can you completely rely upon an individual who opts for Lake Havasu over Lake Show and then takes several days to fully apologize to his teammates?

Perhaps more disconcerting are the residual effects from the one-two punches of Nick Van Exel and Magic Johnson against the whistle blowers. Van Exel might never get another call in our lifetime. His tepid apology - and refusal to make peace with Ron Garretson - can only harm the Lakers. When a judgment is needed during crunch time, an official could discover an ideal opportunity to retaliate against a troublemaker while currying favor with his boss Darell Garretson, the league's czar of officials.

Magic's offense was deemed far less objectionable and he was much more forthcoming with his remorse. Still, it added to a general aura of civil disobedience surrounding the Lakers. Lately they have eschewed actual physical contact with striped shirts for constant verbal abuse from the bench. They are now considered pro basketball's version of the Dead End Kids. And the dead end could come in the postseason's opening round.

The pick here is that Magic Johnson's leadership qualities and poise in such times of immense pressure will outweigh the negatives and help propel the team toward Michael Jordan and the Bulls. That might be wishful thinking. But anyone who has watched these Lakers in their finest moments can't help but feel nostalgic for the old days. While the past can't be relived, it can at least be re-enacted.

Yet like the Bruins, much of the peril these Lakers face is of their own making. Here's hoping they do a far better job of coping.

MEMO: Michael Ventre's column appears in the Daily News four days a week.