At The Masters, the amount a golfer receives for finishing last depends on the tournament’s prize fund, the cut rules, and the payout schedule for 91st place and beyond. Each spring, Augusta National sets the purse and payout percentages, which determine how much the last eligible finisher earns compared to the winner. This guide explains how The Masters distributes prize money, what happens when a player misses the cut or is disqualified, and how the official money list reflects these payouts. You will find verified details on cut location, earnings for finishing outside the top finishers, and how The Masters payout structure has evolved over time.
The Masters Prize Fund and General Payout Structure
The Masters prize money comes from the tournament’s overall purse, which Augusta National sets annually and typically increases year over year. The tournament follows a standard PGA Tour payout schedule, distributing percentages of the purse down through a defined finishers list. While exact percentages are updated each year, the top finishers receive the largest shares, with a long tail that extends to 91st place and beyond. For many years, The Masters has used a payout minimum that guarantees at least some earnings for players who make the cut, even in a tie for last among those who finish under par.
Purse Growth and Key Averages
Over the past decade, The Masters purse has grown substantially, which affects how much the last place golfer can receive. Larger purses increase base payouts, but the taper from winner to last place finisher remains steep. Understanding this context helps explain why earnings for 91st place can still be significant even when a player finishes well back of the leader.
How the Cut Works at The Masters
The Masters cuts the field after 54 holes to the top 50 plus ties, plus anyone within 10 strokes of the leader. This means roughly 44 to 50 players make the weekend, depending on scoring patterns. If a player misses the cut, they do not share in the official prize money, though they may receive appearance fees in some rare sponsor arrangements. When the cut is made, the official earnings list includes only those who finish the weekend, and 91st place refers to the last finisher among those who did not make the cut if the field expands under special provisions.
Missed Cut vs. Finished Last
- Missed cut: No official prize money from The Masters purse.
- Made cut, finished 91st: Receives the minimum payout for the final position under the payout schedule.
- Withdrawals and disqualifications: No payout unless an exception applies under special rules.
Notable Payouts and Historical Context
While The Masters winner takes home the largest share, the payout schedule ensures that even players finishing near the end of the paid field receive meaningful sums. Below is a simplified table showing how prize money typically flows from winner to the last paid position, based on recent purse levels and payout percentages used at The Masters.
| Position | Prize Money (Approximate) | Context |
|---|---|---|
| Winner | ~20% of Purse (varies) | Dominant share; increases with purse growth |
| Top 10 | Cumulative ~30–35% of Purse | Majority of field earnings concentrated here |
| 11th–50th | Cumulative ~20–25% of Purse | Solid middle-tier payouts |
| 51st–91st (paid field) | Cumulative remainder of purse after top finishers | Last paid position receives minimum guaranteed amount |
Note: Exact percentages and minimums vary each year. The above illustrates how the distribution works rather than providing year-specific figures. For precise amounts in a given year, check the official Masters leaderboard and prize list published by Augusta National and the PGA Tour.
Official Rules That Affect Payouts
The Rules of Golf and The Masters conditions of competition govern who receives prize money. Key points include the treatment of ties (splits), penalties, and situations where the field is reduced due to weather or other factors. If the tournament ends with fewer than planned finishers, payouts may be redistributed according to published guidelines. Players who are disqualified or withdraw after starting generally forfeit appearance fees and any potential payout unless specific relief applies.
Common Scenarios
- Tie for last paid position: Purse split per PGA Tour policy.
- Weather-shortened event: Pro-rata or official scoring rule determines payouts.
- Player disqualification: No payout unless reinstated under rare exceptions.
How This Compares to Other Major Championships
While The Masters purse is among the largest in golf, its payout structure is similar in philosophy to the U.S. Open, The Open Championship, and the PGA Championship: reward concentration at the top, with a meaningful tail for players who make the cut. The primary difference is The Masters’ invitational nature and its traditions, which influence field size and cut rules more than the fundamental payout mechanics. Comparing last place payouts across majors shows how purse size and field length shape earnings at each event.
What Happens to Golfers Who Finish Last
For the golfer who finishes in the last paid position, the financial impact is often more symbolic than career-changing, but it still contributes to FedExCup points and official earnings ranking. Players who repeatedly finish near the bottom may face pressure on sponsor obligations and future invitations. That said, making The Masters cut and earning any payout is a notable achievement given the elite field and qualifying standards. Understanding the payout structure helps contextualize why even a last-place finish within the paid field remains a meaningful milestone.
FAQs
- Does The Masters pay if you miss the cut? No, official prize money is only distributed to players who make the cut. Some players may receive appearance fees from sponsors in limited cases, but these are separate from the tournament purse.
- How is last place defined at The Masters? Last place refers to the lowest finisher among those who officially completed the weekend under the cut. If the cut expands due to ties, the last paid position reflects the final field size after cuts and tiebreakers.
- Can the last place finisher earn more than a minimum in prior years? Yes, when the purse is smaller or when fewer players finish under par, the gap between winner and last paid finisher narrows, but the structure still favors top finishers.
- Are earnings from The Masters tax-free? Prize money is taxable income in the player’s jurisdiction of residence and subject to local tax rules where the event is held; tax treatment varies by player location.
Wrap-Up
How much the last place of The Masters gets is determined by the tournament purse, the cut rules, and the official payout percentages published each spring. While the winner captures the largest share, the payout schedule provides earnings for players down to the final position among those who make the cut. For fans and analysts, understanding this structure clarifies how prize money flows from champion to the tail end of the field and why even a last-place finish within the paid ranks carries weight in a golfer’s season.