The Memorial Tournament was introduced by the legendary Jack Nicklaus in 1976 and has been a staple on the golf calendar ever since. This year's event won't exactly be like all of the others, however.
The purse has skyrocketed for The Memorial Tournament, giving the field of golfers even more incentive to put their best foot forward in Dublin, Ohio.
Billy Horschel is the reigning champion, capturing the win in 2022 by a margin of four strokes. He took home more than $2 million for his efforts, but thanks to a new initiative by the PGA Tour, that figure pales in comparison to what this year's winner will receive.
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Here's what to know about this year's Memorial Tournament purse, prize money breakdown, and why the payout has seen such a drastic increase.
The Memorial Tournament was one of several events given elevated status by the PGA Tour this year, so the purse has increased from $12 million to $20 million in total.
Seven of eight elevated events on the PGA Tour in 2023 have a purse of $20 million, and The Memorial Tournament's payout breakdown mirrors the Wells Fargo Championship.
The winner of The Memorial Tournament gets $3.6 million in 2023. The payout is more than the winners of the year's first two major championships received with those titles. Jon Rahm came away from the Masters with $3.24 million, while Brooks Koepka claimed $3.15 million for winning the PGA Championship.
The second-place finisher at The Memorial Tournament will receive $2.18 million, while third place will come away with $1.38 million.
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Here is the full payout breakdown for The Memorial Tournament. If two or more players are tied, the payout will be the average prize money allotted for their slots.