pga tour golfers earnings

2022-2023 PGA Tour Money List

Leading money winners on PGA Tour for 2022-2023 season. List of tournament results and prize money won for each player from 2022-2023 tournaments.

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Golf's 50 highest-paid players

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To compile the latest edition of this list—which covers the calendar year 2022—we combined information from official sources, previously reported information, data from aggregators like Spotrac and estimates from dozens of players, agents and industry insiders. On-course income includes prize money earned on the PGA Tour and DP World Tour, LIV Golf, LPGA Tour, PGA Tour Champions and other pro tours.

Off-course income includes estimates of money earned from sponsors, performance and licensing fees, appearance fees and profits from business ventures. Bonus money includes in-season and season-ending performance money (e.g., FedEx Cup, Aon Risk Reward, Comcast Business Tour Top Ten), Player Impact Program awards for 2022 and sign-on payments for players who joined LIV in 2022. LIV bonuses are estimates pro-rated for the estimated or reported length of a player’s contract and have been treated as if that money is not offset by prize money earned in tournaments. Money paid into a deferred compensation program is not included.

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We elected not to include former players who did not earn on-course money in 2022, like Jack Nicklaus and Greg Norman. Nicklaus made an estimated $35 million in licensing, architecture and appearance earnings, and Norman’s salary from LIV has been reported to be $50 million. Arnold Palmer died in 2016, but his licensing and real estate businesses still generate more than $20 million a year. We also didn’t include potentially lucrative investments in ventures like Tiger Woods’ and Rory McIlroy’s TMRW Sports—which hasn’t produced revenue yet—and Justin Thomas’ and McIlroy’s investment in fitness tracker Whoop. Those moves reinforce the adage that you can get only so rich being an employee. The real money comes from being an owner.

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The Real PGA Tour Money List for 2023: Rahm, Hovland, McIlroy & More

Scottie Scheffler topped the traditional money list, but that was before $75 million in FedEx Cup payouts — find out who’s truly No. 1 in 2022-23.

Entering the 2023 Tour Championship — the finale of the FedEx Cup Playoffs and by extension this year’s PGA Tour campaign — Scottie Scheffler was on the doorstep of golf history. Already the Tour’s record-holder for single-season tournament winnings at just over $21 million, he had a chance to score some serious style points and nearly double his financial haul.

Due to FedEx Cup regulations, his status as playoff points leader meant that he even got to start out the Tour Championship at Atlanta’s East Lake Golf Club at -10, two strokes ahead of the No. 2 competitor on the leaderboard.

When the dust had settled on Aug. 27, however, Scheffler finished just sixth, though he nonetheless earned a $2 million FedEx Cup payout that wasn’t so far off from the handsome $2.7 million he received for winning The Masters in 2022.

Viktor Hovland, meanwhile? The No. 3 money winner from the regular PGA Tour season increased his annual on-course earnings by an incredible 127% in outlasting the Tour Championship field and claiming the FedEx Cup’s eye-popping $18 million top prize.

That’s a lot to process, to say the least. So, what does the “real” year-end PGA Tour money list look like when a full $75 million in playoff bonuses gets factored in?

We went ahead and crunched the numbers for you — check out Boardroom’s full 2022-23 PGA Tour earnings rundown that combines the traditional money list with the final FedEx Cup payout numbers.

Get on our list for weekly sports business, industry trends, interviews, and more.

Combined 2022-23 PGA Tour Money List Earnings & FedEx Cup Payouts

NOTE: Additional bonus money will be handed out to top players later this year when the PGA Tour announces the top finishers for its Player Impact Program, which seeks to rank the most popular golfers on the Tour regardless of tournament performance.

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PGA TOUR Player Stats 2024

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• DDIS : Driving distance (in yards)
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2024 valero texas open prize money payouts for each pga tour player, share this article.

It pays to play well on the PGA Tour. Just ask  this week’s winner, Akshay Bhatia .

The 22-year-old won the 2024 Valero Texas Open at TPC San Antonio after a playoff against Denny McCarthy on Sunday to claim his second PGA Tour victory. His first win at last year’s 2023 Barracuda Championship also came via a playoff. For his efforts, Bhatia will take home the top prize of $1,656,000. Despite coming up short in the playoff, McCarthy still cleared seven figures and banked $1,002,800 for a hefty consolation prize.

With $9.2 million up for grabs, check out how much money each PGA Tour player earned this week at the 2024 Valero Texas Open in San Antonio.

Prize money payouts

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Hovland Claims PGA Tour Championship, Record $34.5M in Earnings

Last Sunday, Viktor Hovland shot a course record 61 at Olympia Fields Golf Club in Illinois to come from behind to win the BMW Championship in the second event of the FedEx Cup Playoffs. The career-low round clinched a $3.6 million payday. “Nothing that beats that,” Hovland said.

The 25-year-old Norwegian just beat that.

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Hovland ran away from the field this week to capture the PGA Tour Championship, with Xander Schauffele finishing in second, five strokes back. The victory also secured Hovland the FedEx Cup Playoffs title and its $18 million bonus. The five-year pro set a new PGA Tour record for one-year earnings with $34.5 million, including his prize money, FedEx bonus and Comcast Business Tour top 10 bonus.

The FedEx Cup playoff launched in 2007 and carried a $75 million bonus pool this year. Rory McIlroy won it last year for his third title; Tiger Woods is the only other golfer with two wins. Schauffele finished second at the Tour Championship in Atlanta for a $6.5 million FedEx bonus, followed by Wyndham Clark ($5 million) and McIlroy ($4 million).

After Hovland, the golfers with the highest total earnings for 2023 were Scottie Scheffler ($26.4 million), Jon Rahm ($21.3 million), McIlroy ($20.3 million) and Clark ($17.8 million). McIlroy’s $28.4 million in earnings last year set the previous Tour record.

It has been a banner year for golfers’ bank accounts after the PGA Tour boosted prize money this season to compete with LIV Golf. The PGA established 13 “elevated” events that feature increased winnings totaling $315 million, up 47% from 2022. The PGA Tour’s total purse for the year is expected to top $560 million, an increase of $140 million.

Scheffler set a record last year for official PGA Tour prize money with $14 million. Three golfers—Scheffler ($21 million), Rahm ($16.5 million) and Hovland ($14.1 million)—topped the record this year, with McIlory just $100,000 behind.

Last year, LIV recruited Bryson Dechambeau, Dustin Johnson , Brooks Koepka, Phil Mickelson , Patrick Reed, Cameron Smith, and dozens of other players. In addition to massive signing bonuses, its eight no-cut events last year had total prize money of $255 million. Johnson topped LIV’s prize money list with $35.6 million. In 2023, the 14 LIV events are scheduled to pay $405 million in total.

In June, the PGA Tour, LIV and DP World Tour, Europe’s main golf circuit, reached an agreement to merge their commercial interests into a single, for-profit global golf entity. It ended all litigation between LIV and the PGA Tour.

Hovland and other PGA Tour stars will add to their prize money haul via the Tour’s Player Impact Program (PIP), which began in 2021 to funnel more money to top players who bring attention to the sport. It paid out $40 million during the first year and jumped to $100 million for 2022. Hovland’s total earnings should hit $40 million if he finishes in the program’s top six.

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Golf Career Earnings

Listing the career earnings for PGA, LIV and LPGA golfers, includes un-official, extra bonuses, team earnings and more.

A PGA Tour caddie was talked out of retirement and now makes more than most pro golfers

• World's top golfer Scottie Scheffler set a record this year with more than $21 million in earnings.
• Based on typical pay, Scheffler's caddie has taken home at least $1.8 million and maybe a lot more.
• That is more than 160 PGA Tour golfers and would rank 83rd on the money list.

The unsung winners of golf's new financial boom are the caddies, and nobody is winning more than Ted Scott.

Scott caddies for the No. 1 golfer in the world, Scott Scheffler, who won The Players Championship earlier this year and is now leading the FedEx Cup Playoffs after his second-place showing at this past week's BMW Championship. That outing earned Scheffler a cool $1.76 million, his second-biggest check of the year.

The payday pushed Scheffler's on-course earnings to more than $21 million for the season, a PGA Tour record. That also means that Scott has likely set the record for most earnings in a single season for a caddie at more than $1.8 million.

Scott's total would rank 83rd among PGA Tour golfers this year, with more in earnings than 160 tour pros.

Not bad for a looper who considered himself retired after splitting with Bubba Watson in 2021 after 15 years together. According to Golf Digest , Scott was prepared to launch a golf-lessons business but was talked out of it by Scheffler.

The timing couldn't have been better for Scott.

In early 2022, LIV Golf launched as a rival and threat to the PGA Tour, signing some of their best golfers to huge contracts . As a response, the PGA Tour announced massive changes , including larger payouts, especially for the top players. Eventually, the PGA Tour and LIV Golf merged , but the larger tournament purses remain, leading to Scheffler's record-setting season.

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Thanks to the standard caddie contract, a percentage of Scheffler's earnings go to his caddie.

Former PGA Tour caddie and current ESPN analyst Michael Collins confirmed the widely accepted payscale for most pro caddies in 2021 . According to Collins, the typical pay is on a 10-7-5 scale — 10% of the golfer's earnings for a win, 7% for a top-10 finish, and 5% for everything else.

In addition, most caddies earn a salary since they pay their own expenses getting from tournament to tournament.

"Every caddie gets a weekly paycheck, no matter where his player finishes," Collins said on ESPN. "If the player misses the cut, the caddie still has to get a paycheck because the caddie pays for all of his own expenses — airfare, hotel, car, food, all of it."

According to multiple reports, Scott's base salary is $135,000 per year since coming out of retirement.

That, plus his bonuses from Scheffler's 15 top-10 finishes and two wins this season, push his earnings to more than $1.8 million, based on the typical caddie scale. However, considering Scott had to be coaxed out of retirement and had a proven track record — including two wins at the Masters carrying Bubba Watson's bag — it is certainly possible that he negotiated a bigger compensation package when he partnered with Scheffler.

Either way, Scheffler and Scott are not done with the upcoming Tour Championship. While the tournament doesn't have an official purse and will not impact Scheffler's official on-course earnings, there is a "bonus" awarded based on how the players finish in the FedEx Cup rankings.

The winner of the championship gets $18 million. That would mean another $1.8 million for Scott.

Scott's golf-lessons business can wait.

Watch: What it takes to be a PGA Tour caddie

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2024 Valero Texas Open money: How much every player made

Akshay Bhatia is looking to punch his ticket to the Masters.

Raj Mehta/Getty Images

Akshay Bhatia had one goal on his mind Sunday: qualify for his first Masters.

Outside the top 50 in the Official World Golf Rankings and having only won an opposite-field PGA Tour event last summer, Bhatia came to the Valero Texas Open needing a one to earn a trip to the Masters.

“If I win, that’s great. I mean, it gets me closer to my goal,” Bhatia said Saturday night as he sat on a four-stroke lead. “Yeah, it doesn’t mean the world to me. I didn’t grow up playing on the PGA TOUR necessarily to win just PGA TOUR events, I grew up playing and dreaming of winning majors. That’s kind of my main focus for the years to come.”

On Masters eve, all this pro wants is to punch his ticket to Augusta

He got it done Sunday in a playoff and became the sixth player in the last seven years to win the final event before the Masters to qualify.

Of course, he will also get a few other perks for winning this week. He not only earned an invite to the Masters, but next month’s PGA Championship as well. He secures his status on the PGA Tour through the 2026 season too.

In addition to all of those things, he also takes home a boatload of cash. To be exact, $1.656 million.

With that, keep reading below for a complete list of the 2024 Valero Texas Open payouts for all 82 players who made the cut. The total purse is $9.2 million.  

How much every player made at the 2024 Valero Texas Open

(This post will be updated upon conclusion of the tournament)

1: Akshay Bhatia $1.656 million

2: Denny McCarthy $1.0028 million

3: Rory McIlroy $634,800

4. Russell Henley $450,800

T5. Adam Schenk $355,350 Brendon Todd

T7. Hideki Matsuyama $289,033.34 Ben Martin Tommy Fleetwood

T10. Mac Meissner $223,100 Jordan Spieth Matt Fitzpatrick Peter Kuest

T14. Adam Scott $131,601.82 Ludvig Aberg Keith Mitchell Sam Stevens Andrew Putnam S.H. Kim Rico Hoey Chan Kim Tyson Alexander Alex Noren Thorbjorn Olesen

T25. Justin Lower $67,735 Christiaan Bezuidenhout Max Homa Brian Harman Lucas Glover Mark Hubbard Corey Conners Nick Hardy

T33. Alexander Bjork $49,066.67 Garrick Higgo Chez Reavie Kevin Chappell Austin Eckroat Robby Shelton

T39. Nate Lashley $37,260 Ben Griffin Stewart Cink Bud Cauley Aaron Baddeley Kevin Yu

T45. Davis Thompson $26,772 Kevin Streelman Victor Perez Ryan Moore Webb Simpson Vincent Norrman

T51. C.T. Pan $21,988 Adam Svensson Joe Highsmith Lanto Griffin Tyler Duncan Martin Laird J.J. Spaun

T58. Josh Teater $20,148 Harry Hall Andrew Novak Bronson Burgoon Parker Coody Aaron Rai Maverick McNealy Carl Yuan David Lipsky Dylan Wu Hayden Springer

T69. Charley Hoffman $18,860 Vince Whaley Matti Schmid

T72. Kevin Kisner $18,400 Brandt Snedeker

74. Pierceson Coody $18,124

T75. Tom Whitney $17,756 Collin Morikawa Nicolai Hojgaard

T78. Ben Kohles $17,204 Beau Hossler Ryo Hisatsune

81. Ben Silverman $16,836

82. Ryan McCormick $16,652

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Jack Hirsh is an assistant editor at GOLF. A Pennsylvania native, Jack is a 2020 graduate of Penn State University, earning degrees in broadcast journalism and political science. He was captain of his high school golf team and recently returned to the program to serve as head coach. Jack also still *tries* to remain competitive in local amateurs. Before joining GOLF, Jack spent two years working at a TV station in Bend, Oregon, primarily as a Multimedia Journalist/reporter, but also producing, anchoring and even presenting the weather. He can be reached at [email protected] .

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Points and Payouts: Akshay Bhatia wins $1.6 million, 500 FedExCup points at Valero Texas Open

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What was that?!

If you’re the kind of sports fan who doesn’t care to watch a replay of a competition for which you already know the outcome, break your rule for the final round of the Valero Texas Open. Because that was as insane as it was intense.

The headlines will read simply that Akshay Bhatia prevailed in a playoff over Denny McCarthy, but it was an instant classic.

McCarthy, who was +6600 to win pre-tournament at BetMGM, closed with a field-low, bogey-free 63 at TPC San Antonio Oaks Course on Sunday. It featured an inward 28 with eight birdies, including on each of the last seven holes. His tournament total of 92 putts matched David Frost’s PGA TOUR record at the RBC Heritage in 2005.

Akshay Bhatia and Denny McCarthy hole clutch putts to force playoff at Valero

Meanwhile, Bhatia (+5500) was bidding for a wire-to-wire victory without the need for a playoff. He led by a respective three, five and four strokes after the first three rounds. It didn’t hurt that he was in the late-early draw that averaged 1.95 strokes lower across the first 36 holes than the early-late from which McCarthy emerged. Bhatia carded a six-birdie 67 with a clutch 11-and-a-footer for birdie at the last, so it’s not like he backpedaled into overtime.

That one of these guys had to lose was a shame given that each posted 20-under 268 in regulation, nine shots clear of tournament favorite Rory McIlroy (+1000) in third. But to the winner goes the windfall. Bhatia collects 500 FedExCup points, $1,656,000 and the last ticket into this week’s Masters among many other invitations.

McCarthy already was exempt into the season’s first major , but he was gunning to be the sixth first-time winner in 15 tournaments this season. He also was in position to be the first breakthrough champion in a playoff since, who else, Bhatia at the 2023 Barracuda Championship.

Defending champion Corey Conners (+2200) finished T25.

The replay of the finale is scheduled for Golf Channel on Monday at 1:00 a.m. ET. That’s 10:00 p.m. on Sunday on the West Coast. Stay up or set your DVR and enjoy the show.

NOTE: Points and Payouts cites pre-tournament odds to win at BetMGM for all golfers who made the cut. For live odds, visit BetMGM .

For resources to overcome a gambling problem, call or text 1-800-GAMBLER today.

Rob Bolton is a Golfbet columnist for the PGA TOUR. The Chicagoland native has been playing fantasy golf since 1994, so he was just waiting for the Internet to catch up with him. Follow Rob Bolton on Twitter .

PGA Tour Earnings 2023: Scheffler, Rahm Top List of Top 100 Highest-Paid Golfers

The PGA Tour begins to round out the season as the Wyndham Championship kicks off this Thursday at Sedgefield Country Club in Greensboro, North Carolina. While the top-earning players won’t be competing in the event, the field will have a chance to secure a spot at the FedExCup Playoffs next weekend.

The earnings list is still going to change as the biggest purses are on the line next weekend for the St. Jude Championship, BMW Championship, and Tour Championship. There is over $75 million available left for the 2023 PGA Tour season.

Ahead of the playoffs, the highest-paid earners include Scottie Scheffler, Jon Rahm, Rory McIlroy, Wyndham Clark, and Victor Hovland.

46 Percent of PGA Tour Golfers Did Not Get Paid

There were 717 players listed on the PGA Tour this year. Only 56% of players profited off the tour. Only the top 402 players were paid out. This year, Richard Johnson was ranked 402nd and received $8,208 for being on the Tour.

While the rest of the 315 players did not win any money, about 46% of players did. However, to make money on the tour, players need to be competing and making cuts at events. The lower-paid players ranging from 300 and on, only played an average of 2 events on the Tour. While the lower end of the spectrum of players that didn’t play, never made a single cut.

Also, there are a few amateurs listed that don’t get paid which adds to the list of non-earners in 2023.

PGA Tour 2023 Season Earnings List

In 2023, the highest-earning golfers also happen to be the highest-ranked players.

Scottie Scheffler had an absolutely unbelievable season. Despite not winning a major championship he went on a historic ball-striking stretch that included seven consecutive top 5 finishes. The No. 1 golfer in the world, Scheffler ended the season with an average finish of 8th place and made all 20 cuts. All in all, he has taken home a total of $19,138,342 ahead of the FedExCup Playoffs.

Other top earners include Jon Rahm, who made $16,295,609 this year. The No. 3-ranked player in the OWGR, Rahm started off hot and made 15 of 17 cuts before cooling off down the stretch. He had an average finish of 11 including four wins and won his first-ever Green Jacket at the Masters.

The PGA Tour’s top five earners in 2023 also include household names like Rory Mcilroy ($11.7M), Wyndham Clark ($10.3M), and Victor Hovland ($10.1M).

According to the official PGA Tour earnings, Scheffler has earned 17 percent more than Rahm, the next-highest earner. He also took home 62.5 percent more than McIlroy, who still finished the regular season with a healthy $11.77 million in tournament winnings in 2023, good for third place on the list.

Keegan Bradley, Brian Harman, and Tyrrell Hatton are among the newcomers in the top 10. All three golfers made at least $8 million in 2023 to set new career highs on the Tour.

Check out the chart below to view the highest-paid PGA Tour golfers in 2023.

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Who is Ryan Fox? The New Zealand golfer is moving up the Masters leaderboard

Ryan Fox has entered the green jacket discussion after his sizzling start to the third round of the Masters.

Fox birdied holes 1, 2 and 3 and is in the top 10. A relative unknown, the New Zealand professional golfer is making just his second Masters appearance and has yet to record a top-10 finish all year.

Here's everything to know about Fox:

Who is Ryan Fox?

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Fox is 37 years old and has dual membership on the PGA and DP World tours.

He turned pro in 2012 and immediately had top fourth-place finishes on the PGA Tour of Australasia before breaking through in 2014 with a win at the Western Australia Open. He then won the Queensland PGA Championship in 2015 and in 2017 earned his card for the European Tour, where he grabbed his first win in 2019 with the ISPS Handa World Super 6 Perth.

After a drought, Fox won the Ras al Khaimah Classic in 2022 and earned special temporary membership on the  PGA Tour a year later. In September 2023, Fox won the  BMW PGA Championship  at Wentworth. 

In 2024, Fox has made just three made cuts in eight PGA starts this season, no finish better than T35. But that's looking to change this weekend.

Ryan Fox's Masters results, major tournament history

Fox tied for 26th in his debut at the Masters last year. His best finish at the U.S. Open is a tie for 41st in 2018, and he tied for 23rd at the PGA Championship last year. His best major finish was at the Open Championship, a tie for 16th in 2019.

Ryan Fox's career earnings

Fox has a career earnings of $2,084,018 on the PGA Tour and more than 10 million Euro on the European Tour.

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As golf comes together for the Masters, a chasm still divides the sport

AUGUSTA, Ga. — Golf’s biggest buzzword on the eve of its biggest tournament has nothing to do with technique or equipment or any of the superstars converging this week on Augusta National . The topic du jour is sustainability — or, rather, the perceived unsustainability of the current landscape, which has the world’s best pros competing on separate tours, their much-anticipated alliance still up in the air , and a sport enjoying surging participation but fearing a decline in fan interest.

“Things need a correction,” Rory McIlroy, one of the faces of the PGA Tour, said last week in Texas, “and things are unsustainable.”

“And it needs to happen fast,” Bryson DeChambeau, the LIV Golf star, said in Florida. “It’s not a two-year thing. It needs to happen quicker rather than later just for the good of the sport. Too many people are losing interest.”

While there’s more money than ever flowing through the sport, the dueling pro circuits are fighting for relevance. They’re tweaking and overhauling their business models in hopes of unlocking a return on investment, trying to funnel unprecedented sums of money to their players while still building profitable businesses. Meanwhile, a growing chorus is calling for some form of reconciliation.

This week, 13 LIV players will compete at the Masters with their PGA Tour counterparts, distinguishable only by the LIV team gear they’ll be sporting on golf’s most hallowed grounds — Sergio García, the Fireball; Bubba Watson, the RangeGoat. And for four days, fans will be reminded both of what today’s game isn’t — a unified tour where the best players consistently play against one another — and what they hope it might again become.

The sustainability discussion is two-pronged: Can the sport remain relevant and engaging to fans in its fractured state? And is the sport economically viable enough to support the current pace of spending?

“I just think with the fighting and everything that’s went on over the past couple years, people are just getting really fatigued of it, and it’s turning people off men’s professional golf,” McIlroy told reporters last week. “And that’s not a good thing for anyone.”

More than 10 months have passed since the PGA Tour announced plans to partner with Saudi Arabia’s Public Investment Fund , which owns LIV Golf. The sides blew past a Dec. 31 deadline and continue to work through details, but no deal is imminent.

LIV Golf continues to pour money into personnel on and off the course, even as its product has yet to reach a critical mass, particularly in the United States. And the PGA Tour responded to LIV’s flurry of activity by going on its own spending spree — with new expenses seemingly outpacing new revenue streams.

Because the game’s top players haven’t competed against one another in an individual event since last year’s British Open, fans have endured lackluster tournament fields and forgettable Sunday finishes. While LIV’s linear TV ratings aren’t publicized, LIV officials say their numbers on the CW Network are up 40 percent from last year and they’re pleased with early streaming viewership. The PGA Tour’s TV figures, which includes a much larger audience domestically, are down more than 15 percent.

“Ratings fluctuate from year to year,” said Sean McManus, head of CBS Sports. “As we all know, to a large extent, it depends on who is on the leader board and how close the tournament is. … But the advertisers seem happy, the sponsors seem happy, so it’s a little early to predict where there is a trend out there on the ratings.”

Neither circuit has seen its biggest stars shine on a weekly basis — last weekend’s winners were 22-year-old Akshay Bhatia on the PGA Tour and South African Dean Burmester for LIV — and the headlines focus on the off-course intrigue and the sport’s uncertain future.

“We talk so much about how important it is for players to be in the right place mentally, and I just think there’s an epidemic of distraction on the PGA Tour, whether it’s greed or trying to solve problems that are almost unsolvable, however you want to put it,” said Brandel Chamblee, a Golf Channel analyst. “I just think they’re hugely distracted.”

After shifting its business away from the nonprofit model, the tour now has to pay taxes, reward players who want more money and answer to investors who seek a return — in addition to TV executives and advertisers who expect a product that will reliably attract a huge audience.

PGA Tour officials have put together a plan that is not wholly dependent on the PIF following through on its early investment plans. The tour took on a $1.5 billion investment from a collection of U.S. sports owners known as Strategic Sports Group ; the amount could double. That money helped the tour launch PGA Tour Enterprises, which will oversee all of its commercial ventures.

“Prior to creating the structure of PGA Tour Enterprises and taking on outside investment, we’ve always had in our previous structure this natural conflict between an organizational objective to maximize player earnings with growth investment,” said Jay Madara, the tour’s chief financial officer. “I liken it to meeting payroll this month [or] this quarter and not having anything left over for investment, if you will. … If there were things that made sense strategically that created long-term returns, there wasn’t patient capital for that.”

According to its most recent tax filings, the tour saw $1.9 billion in revenue in 2022, compared with $1.87 billion in expenses — and both figures have steadily risen over the years. The tour has high-dollar commitments — $4 billion due from sponsors through 2035 and $5 billion in media rights through 2030 — but also has taken on new expenses.

With an ambitious plan to offer golfers an equity stake in the tour and with tournament purses that have more than doubled over the past decade, tour officials have been trying to create new revenue streams and expand existing ones. While its broadcast rights deals run through 2030, the organization plans to open its own 70,000-square-foot production studio next year, which will enable the tour to create and distribute more of its own content.

The tour is also looking to generate more revenue from its weekly tournaments and has overhauled its event funding formula. The tour relies on local organizations to run most of its tournaments but makes money by staging six events on its own — and could take on more. The tour recently acquired a golf cart company and a logistics outfit, which will make it easier and more cost-effective to host tournaments.

One of its most audacious efforts to balance the books: The tour informed event organizers this week that they’ll soon be on the hook for a hosting fee — $250,000 for full-field events and $500,000 for the signature events next year, and twice those amounts beginning in 2026. The tour also expects organizers to kick back a percentage of hospitality sales — 1 percent next year and increasing to 2.5 percent in 2027.

Tour events traditionally have involved a philanthropic component, and while the new initiative has created fears that these fees will eat into charitable donations, tour officials said they’re confident that contributions will not suffer.

“It is something that is important to our tradition, honor and legacy. It’s something we have to balance as we move forward, as well, in terms of our new structure,” Madara said.

LIV, thanks to its deep-pocketed Saudi benefactors, does not appear to face the same economic pressures, with officials saying they’re financially ahead of schedule.

“The critical piece for us is the creation of new value through all of this,” said Jed Moore, a senior LIV consultant. “People have misunderstood the investment into players. They’ve misunderstood the investment in the Asian Tour. They’ve misunderstood why golf needed to find a way to create that new value. Sustainable economics in sports — it’s become front and center because it’s now an asset class.”

LIV officials view their product similar to Formula One — fewer events, with top-tier athletes globe-trotting between major cities. And one key cornerstone: a team-based format that LIV hopes will inspire fan loyalty and drive value.

While LIV owns a 75 percent stake in each of its 13 teams, they function as independent entities and create revenue as each sees fit. Moore said some are already profitable. None is close to reaching maturity as an asset, he said, but someday they could take on investors or be sold outright.

“Can you imagine what the Golden Bears would have been worth if Jack [Nicklaus] played in a form of LIV in his heyday? Arnie’s Army, the Big Easys, the Great White Sharks?” he said. “Imagine those teams.”

While the LIV product has been slow to catch on with golf fans in the United States, officials have been pleased with the interest they’ve seen in places such as Singapore, Hong Kong and Australia.

LIV’s season debut in Mexico marked its highest TV numbers to date — 432,000 watched on the CW for the final round, and more than 3.5 million streamed some portion of the three-day event on YouTube or LIV’s app. While not as lucrative to advertisers, the direct-to-consumer streaming options are a valuable metric to LIV officials, who say they’re targeting a younger audience. (The final round of last year’s Masters, won by Jon Rahm, averaged more than 12 million viewers.)

And while many thought LIV’s days were numbered when the PIF agreed to partner with the PGA Tour last June, LIV has only kept building. Signing Rahm before this season was a major coup, and this week LIV is hiring four senior-level executives and working on its 2025 schedule.

Even LIV’s biggest detractors (see: McIlroy, Rory) have come to reluctantly accept its place in the golf ecosystem. LIV launched in 2022 with no corporate signage at its events, but this year it has already announced more than 20 global partnerships, including with Panini and Google Cloud. Its teams have separately inked deals with more than a dozen corporate sponsors.

LIV officials say the plan was never to replace the PGA Tour, just as Formula One isn’t trying to replace U.S.-based auto racing circuits. They think the tours can coexist — different leagues coming together for a major championship, akin to the Super Bowl or World Series.

Left unsaid: While LIV tries to expand and the PGA Tour adopts a new business plan, what becomes of a weary fan base? The sport’s participation numbers have never been higher — some 45 million Americans swung a club last year, according to the National Golf Foundation — and while professional players have never been richer, the fans have been left wanting more.

“Right now, we are in the disruption phase,” Phil Mickelson, among the first to bolt for LIV, said last week, “so we are in the middle of the process. And when it’s all said and done, it’s going to be a lot brighter. But while we go through it, it’s challenging. But we’ll get there.”

The Masters 2024

Professional golf makes its annual visit to Augusta National Golf Club at the 2024 Masters, beginning Thursday and ending Sunday. See the latest Masters updates, scores and schedule .

Tee times: First- and second-round pairings and tee times have been announced. See the full schedule .

Who’s playing: The Masters field has 89 players, including five-time winner Tiger Woods , defending champion Jon Rahm and 2022 winner Scottie Scheffler . Five amateur golfers are also in the field .

LIV and PGA: Thirteen LIV players will compete at the Masters with their PGA Tour counterparts, distinguishable only by the LIV team gear they’ll be sporting. More than 10 months have passed since the PGA Tour announced plans to partner with LIV Golf’s Saudi backers, but no deal is imminent.

Betting: From historical performance to odds, here’s a breakdown of nine players who could win the Masters .

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• No other golfer is doing what Scottie Scheffler makes look easy April 10, 2024 No other golfer is doing what Scottie Scheffler makes look easy April 10, 2024

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2024 Masters Par 3 Contest leaderboard, results: Rickie Fowler wins, Viktor Hovland drains one of five aces

Fowler finally broke through at augusta national, though the green jacket still remains 72 holes away.

A Masters tradition is in the books for 2024. The Masters Par 3 Contest has come and gone, and a new champion has been crowned as Rickie Fowler fired a 5-under 22 on Augusta National's nine-hole par-3 course to take home the title. The fan favorite posted the clubhouse lead early in the competition with many players like Sepp Straka and J.T. Poston getting within a couple shots but never surpassing Fowler.

Fowler now holds the unenviable task of trying to break a streak dating back to 1960 of the Par 3 Contest winner not being able to slip on the green jacket later that same week. Numerous Masters champions have won the Par 3 Contest and the tournament, but never have they done so in the same year.

Fowler's card consisted of five birdies and four pars as he played alongside Jordan Spieth and Fred Couples. The theatrics of their grouping came in the form of Fowler and Spieth's children running rampant on the nine-hole, 1,090-yard par-3 course.

Elsewhere, fireworks came in the form of holes-in-one as there were five in total on the day, tying the second most in the competition's history. Luke List took the lid off the cup with an ace on No. 6; he was followed by Gary Woodland and Viktor Hovland on the same hole, Sepp Straka on No. 5, and Lucas Glover on No. 7. The total number of aces in the competition now stands at 112.

"As I said, this is my 12th time playing the par 3," Woodland said. "I've had some close calls. It was nice to see one go in. Nice to see my kids' reaction. They were so excited. I will say, my son making the putt on the last was more exciting for me than that ball going in."

With all the fun and all the preparations now in the books, it is time to get to the 88th playing of the Masters where another (slightly more meaningful) champion will be crowned.

Watch all four rounds of the 2024 Masters starting Thursday with  Masters Live  as we follow the best golfers in the world through Augusta National with  Featured Groups , check in at the famed  Amen Corner  and see leaders round the turn on  holes 15 & 16 . Watch live on  CBSSports.com , the  CBS Sports app  and  Paramount+ .

The First Cut crew alongside Joe Musso gives you one final preview ahead of the 88th Masters Tournament. Follow & listen to The First Cut on  Apple Podcasts  and  Spotify .

Hovland with an ace!

Holes-in-one No. 5 comes from Viktor Hovland. He is the third player to make an ace on the sixth hole and he will be the last as he is a member of the final grouping of the day. Looks like Rickie Fowler is going to win this thing (grimaces)!

Koepka starts with three birdies

The five-time major champion goes 2-2-2 out the gate. I think in the back of his mind, Brooks knows not to win this thing and may have a family member take a swing (which automatically takes a player out of the competition). In real news, he is back to the mallet putter after some uncertainty earlier in the week.

Fourth ace of the day!

There are now 111 holes-in-one in competition history and four on the day after Lucas Glover made an ace on No. 7. That is the first one of the day on that hole as Glover joins Sepp Straka, Gary Woodland and Luke List as today's ace makers.

2020 champ gets underway

Dustin Johnson is one of the 20 Masters champions in the field and is joined by Charl Schwartzel and Thorbjorn Olesen. It will be interesting from a tournament perspective what we get from Johnson this year. He has won on LIV Golf, hasn't played a lot of other great golf but can certainly roll out of bed and shoot 67 with ease.

Fowler still leads

As the par-3 contest continues, the leaderboard is still spearheaded by Rickie Fowler. World No. 1 Scottie Scheffler is about to end his day with Sam Burns and Tom Kim.

Gary Woodland is cookin'

The 2019 U.S. Open champion became the second man to make a hole-in-one today and nearly poured in another one. He will have a putt on No. 7 to reach 6 under on his round and take the lead from Rickie Fowler.

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