Masters payout 2014: Winning share is $1.62 million of purse

Harry How

Winning the Masters will now be more lucrative than ever.

The winner of the 2014 Masters will take home the green jacket, but they'll also walk away with a large check. A very large one in fact. The Masters prize pool increased from $8 million to $9 million this year and the winner will take home a significant portion of the increased pot. The first-place check at the Masters is worth $1.62 million.

The 2014 winnings are nearly $200,000 more than the $1.44 million Adam Scott won with his green jacket last year. All of the top finishers will receive a boost in their winnings this year with the second place finisher receiving $972,000. While coming up just short of winning the green jacket can be a major disappointment, a check for slightly less than $1 million is a good way to ease the pain. The same can be said for a third place finish which is worth $612,000. Whoever finishes fourth will take home just less than a half million dollars at $432,000 (all totals barring no ties).

Purses have been on the rise for several years in golf, and the PGA of America, along with the PGA Tour, made another big move at the end of last year. Both organizations announced at the end of last year that they would boost the purses at each of their signature events -- the PGA Championship and the The Players Championship. Those are now the two largest of the season at $10 million.

In many ways, Augusta National and the Masters has remained relatively similar to the first time the tournament was played in 1934. The payout, however, is not one of those ways. Horton Smith, who won the first Masters, took home $1,500 according to Golfstats.com. The 2014 payout is worth more than 1,000 times that. The winnings have increased dramatically in the last 20 years. Vijay Singh won $828,000 when he claimed the green jacket in 2000, roughly half of what the winner will receive this year.

Ties will alter the final payout, but at least nine players stand to win more than a quarter of a million dollars. Here's a look at the top 20 payouts, via CBSSports.com.

Finish

Payout

1st

$1.62 million

2nd

$972,000

3rd

$612,000

4th

$432,000

5th

$360,000

6th

$324,000

7th

$301,000

8th

$279,000

9th

$261,000

10th

$243,000

11th

$225,000

12th

$207,000

13th

$189,000

14th

$171,000

15th

$162,000

16th

$153,000

17th

$144,000

18th

$135,000

19th

$126,000

20th

$117,000

The ultimate payout other than the top prize will be significantly altered by ties. If two players tie for a place, the winnings for the each spot will be combined then averaged. For example if there is a two-way tie for second place, the second-place prize of $972,000 and the third-place prize of $612,000 would be combined and each player would receive $792,000.

Although the payouts drop off considerably as you go down from the top few spots, making the cut at the Masters amounts to a very nice take home. Larry Mize is likely on his way to a 51st-place finish, but even that is worth roughly $20,000. The only player playing on Sunday who won't walk away with a few thousand dollars is amateur Oliver Goss. Goss was the only amateur to make the cut. He's projected to finish somewhere around 49th place, but in order to maintain his eligibility at the University of Tennessee, he'll have to miss out on a check worth close to $25,000.

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