Less than two weeks ago, Adam Kinglsey's Giants sat as near-consensus premiership favourites with a 6-1 record fresh off a 54-point ANZAC night demolition of Brisbane, arguably the performance of the year.
They have since fallen to 6-3 with consecutive losses to Sydney and Essendon, two of the in-form teams of the competition, and the narrative has shifted dramatically to a discussion of their top eight credentials.
Clearly they are a finals side with realistic premiership aspirations, but after three losses in four weeks, how concerning is their recent form?
Coach Adam Kingsley will not buy into the argument that their losses may provide more valuable lessons than wins, but some glaring issues have caught his eye during this form slump.
"I think we get our lessons win or lose... I'd like to win and have the lessons," Kingsley told reporters on Friday.
"Last week we didn't quite get our ball use right.
"Our contest shape stuff cost us against the Swans.
"The competition is so close that if you're off your game for a small margin, then you pay the price... that's certainly what's happened to us."
Every successful side goes through similar slumps. Collingwood's form in the lead-up to last year's finals run was far from premiership-level.
It understood by most that you don't want your game in top order this early in the season.
With the Giants' red-hot start to the year, they have given themselves room to manage the season and go through losing periods without panic.
Like the Pies of last year, GWS could be setting the year up perfectly, fine-tuning their vulnerabilities through the middle of the season before shooting into the finals series with their game clicking on all cylinders.
"We're not the finished product... (but) I think we're progressing along the season quite well," Kingsley added.
"We sit 6-3, last year by this time we were 3-6.
"In the second half of the season we'd like to think we'll be playing at our best."
Six-week calf injuries to Josh Kelly and Lachie Ash do not increase their chances of winning over the next month, but do give them the chance to test out the depth of their side and find out what levers they can pull on the selection table come August and September.
They are also awaiting the return of form for a handful of players, including reigning All-Australian skipper Toby Greene, as well as key coggs Brent Daniels and Toby Bedford.
"We'll be missing them (Kelly & Ash) for a while, it just gives the opportunity for others to step up," Kingsley noted.
"We're really confident in the depth of our list.
"I think there's some part of (Toby Greene's) game that aren't quite at the level they were last year.
"His finishing... his contest is a little down... but that'll come, I'm really confident in that."
If all goes according to plan, the Giants will return to their winning ways this Saturday in a heated battle with the Dogs, re-kindling their brand of premiership footy as they await the return of injured and out-of-form stars.
There is a real possibility that this side is timing their run perfectly, cruising through the dog-days of the AFL season while knowing they have what it takes to win in September.
That is not to say that coach Adam Kingsley and the players will not be looking to rejuvenate some form this Saturday 4:35 at home against an in-form Bulldogs side.