This doesn’t look good for the New York Giants.

Monday night’s 17-3 loss to their in-house rivals, the New York Jets, was worse than the 14-point difference portrays. I often preach not to read too much into the preseason. There are many players on the field who won’t be there come opening day and coaches are evaluating more than strategizing. But out of the four practice games, the third is the most critical. It’s the one where most starters play at least a half since they’re only going to see limited action to prevent injuries in Week 4. That made this game as close to a regular season contest as there in the preseason.

The Giants and Jets also played this game with the importance of a regular season meeting. In front of a split crowd of blue and green, both teams wanted to take home a win. The Jets did, and in doing so, look to be in a much better position than the Giants.

A few observations from the Monday night’s game:

1. Eli Manning did not look good. He was 15-for-30 for 200 yards, but threw two picks and no touchdowns. He ended the game with a 43.8 percent passer rating. The one play that sticks out that could have gotten the Giants back into it was an overthrow of Mario Manningham down the left sideline in the second quarter. Manningham had a few steps on the corner and likely would have scored but was just overthrown. Manning also missed badly on a few passes into the end zone.

2. It’s no secret the Jets have a plethora of running backs on the roster. But this year, I expect to see Joe McKnight get a lot more action, at least early on. McKnight had a decent nine carries for 35 yards on Monday. Jets head coach Rex Ryan loves the kid and is hopeful his fumbling issues are behind him. LaDainian Tomlinson was having a Pro Bowl year early on in 2010, but he definitely wore down towards the end. Keeping him fresh for the season could be the key to a brutal running attack in the playoffs.

3. Both Hakeem Nicks and Santonio Holmes are in-store for big seasons. Nicks probably more so than Holmes. Look at any fantasy football guide and you’ll find Nicks’ name among the best. Against the Jets he had five catches for 71 yards. Manning threw in his direction seven times. Only Manningham had more targets with nine. I expect a second 1,000-yard season. Holmes, meanwhile, seems to be Mark Sanchez’ go-to guy in the end zone. He scored his second touchdown of the preseason and should get more than the six scores he had in the suspension-shortened 2010 season.

4. The Jets were 2-for-2 on fourth down, both from inches, and 2-for-3 in the red zone. Those are some very impressive stats, yet of big concern for the Giants, who couldn’t score on any of three chances inside the 20. The Giants defense also failed to reach any of the Jets three quarterbacks for sacks or hits. On the outside, tight ends Matthew Mulligan and Dustin Keller and wideouts Santonio Holmes and Derrick Mason were targeted 11 times and caught nine of the balls. That means a significant lack of coverage by the Giants defensive backs.

These two teams meet again in Week 16, this time when the games count. The playoffs could be on the line then and the continuation of a season in jeopardy. Both teams hope it doesn’t come down to that January meeting to dictate what will happen in their futures. Based on Monday, however, the Jets look like they have less to worry about then their New York counterpart.