PATHETIC OPPONENT FOR OSCAR; CHAVEZ OBLIVIOUS TO THE OBVIOUS.

Byline: Michael Rosenthal Daily News Staff Writer

What a bleeding cut interrupted two years ago Oscar De La Hoya is expected to resume tonight at the Thomas & Mack Center.

De La Hoya, the WBC welterweight champion, faces Julio Cesar Chavez in a fight that has generated considerable interest but appears to be a lousy matchup of a wonderful young fighter and a fading former champion.

Chavez is a 7-1/2-1 underdog and given almost no chance to win.

``I'm not even going to watch,'' said trainer Emanuel Steward, who has worked with and is close to both fighters.

De La Hoya (28-0, with 23 knockouts) won their June 7, 1996, bout at Caesars Palace. The junior welterweight fight was stopped with blood dripping from a deep cut above Chavez's left eye.

However, it was Chavez who was the winner in the long run.

Many believe the six-time world champion, now 36, was saved from a terrible beating and remained a viable candidate for a lucrative rematch as a result. He'll make a guaranteed $6.5 million, which will help him pay off reported tax debts in Mexico. De La Hoya will make $12 million.

Chavez (101-2-2, 84 KOs) secured the bout with his comments after the fight: He gave De La Hoya no credit for his effort even though the champion landed three times as many punches, according to computer statistics (94-35) and most of those who saw the fight.

De La Hoya, who calls the fight ``personal,'' is determined to score a knockout this time.

``The sad thing is that he couldn't just admit the loss. A real, true champion will admit a loss,'' said De La Hoya, only the latest to complain about Chavez's propensity for making excuses after disappointing performances. ``. . . Now I'm motivated to try to earn that respect by knocking him out. That's my goal.''

No one will be surprised if Chavez gets cut again, which would ruin De La Hoya's plan but could again protect Chavez's image.

Nevada State Athletic Commissioner Dr. Barry Markham examined Chavez and said that his skin is in excellent condition. However, he has suffered cuts in several of his most recent fights and now appears prone to them.

``I'd be surprised if he survived the first round without being cut. It just figures,'' said Gil Clancy, one of De La Hoya's trainers.

Assuming De La Hoya, 25, wins one way or another, there will be many more big-money fights, including a long-awaited date with legitimate contender Ike Quartey on Nov. 21 at Thomas & Mack.

For Chavez, one of the great fighters of his generation, this could be his last dance with glory. He remains among the better fighters in his weight class but hasn't looked like the methodical mauler of old for many fights.

In an attempt to explain his performances, he said he lost his focus because of a divorce from his wife and the tax situation and lost motivation when De La Hoya didn't give him an immediate rematch. More likely, age and a long career are taking an inevitable toll.

These are sensitive subjects with Chavez. When asked about De La Hoya's criticism of his post-fight comments, he cursed in Spanish and stormed away. In calmer moments, he says he will surprise the world tonight. And he explained why.

Chavez trained for two months in the solitude and altitude of the Rocky Mountains, in Breckenridge, Colo., away from all his troubles back home. His body seems to be proof that he worked hard: At Thursday's weigh-in, he was only 144-1/2 pounds - 2-1/2 under the weight limit - and looked as good as he did the night of the first fight. (De La Hoya weighed 146-1/2.)

``I feel stronger than I did two years ago. I'm going to break him up with punches this time,'' Chavez said.

If Chavez loses, he says he'll give De La Hoya his respect. If Chavez wins, he expects the same the from his young rival. The champion can only smile at the latter notion.

In typical prefight hype, De La Hoya called this a dangerous fight. In more candid moments, he was compelled to say what he truly believes: ``I'm prepared to make him look like an amateur in the ring.''

``It's tough to accept (one's decline),'' De La Hoya said. ``You don't want to accept it. And that's when it gets dangerous, when a fighter gets hurt. Julio Cesar Chavez should retire after this fight.''

No one will be surprised if that comes to pass.