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Australians Jason Day and Adam Scott have both lamented squandering a chance to win the elite Players Championship with sloppy final-round performances on the par 5s at TPC Sawgrass.

Day played Sawgrass' three-shot holes in even par and Scott in one-over fashion as Rory McIlroy secured a one-shot victory at golf's unofficial fifth major.

Former world No.1 McIlroy bounced back from an early double-bogey to post a two-under-par 70 and a 16-under total at the lucrative Florida event, while Jim Furyk (67) was one stroke behind in second.

Day started the final round three shots from the lead but a bogey on the par-5 ninth gave the Queenslander a front-nine score of two-over.

Two back-nine birdies were too late for Day as the 2016 Players winner signed for an even-par 72, finishing tied for eighth at 12 under.

A frustrated Day said there were positive signs, particularly in his ball-striking, as he secured a third top-10 result this year.

"To be honest, I played the par-5s poorly, I shot even par and they're all gettable," the world No.11 Day said.

"If I birdied all four I would have been tied with Rory, but I wasn't good enough.

"But I feel motivated going into (the Valspar Championship) this week, knowing my game is in a half-decent spot."

A shot behind Day was countryman Scott, with the 2004 Players winner posting a final-round 70 to share 12th at 11 under.

Scott made his way up the leaderboard with two birdies on the front nine but found the water with his second shots on the par-5 11th and 16th.

"I was two good swings from posting a good number," Scott said.

Cameron Smith rounded out the Australian contingent and the world No.24 signed for a 71 to finish with a two-under total.

Rory McIlroy was installed as betting favourite for the Masters the moment he tapped in for par on the final hole to win the richest tournament in golf, The Players Championship.

Earning a one-shot win at TPC Sawgrass from 48-year-old Jim Furyk, McIlroy ($9) usurped world No.1 Dustin Johnson ($10) as the favourite with Australian bookmaker to win Augusta National's green jacket in April.

With a chance to complete golf's career grand slam at the Masters, four-time major winner McIlroy knows the hype will be furious during the next three weeks.

Having heard negative comments about finishing in the top six in his past five US PGA Tour events without winning, McIlroy says he is prepared for the "noise".

"I feel like I've managed the first six tournaments of the year very well, even with some noise around me, whether it is, 'He can't close, he can't play on Sundays,' blah, blah," he said.

"But if I go to Augusta with a similar golf game and the attitude I've shown this year, I'll have a great chance."

McIlroy had played in three Sunday final groups this year without securing a PGA Tour victory.

Although he wasn't in Sunday's final pair at the $12.5 ($A17.6m) Players, McIlroy showed enormous grit to bounce back from an early double-bogey and card two-under-par 70 that gave him a 16-under total.

With Furyk (67) in the clubhouse at 15 under, McIlroy needed a par on 18.

He smashed a drive down the middle of the fairway, hit his approach to 15 feet and two-putted for a $2.25m ($A3.18m) pay day.

With his 15th PGA Tour victory, world No.4 McIlroy believes he has entered the "second phase" of his stellar career.

The supremely talented and long-hitting 29-year-old said he has never been more consistent and that has only come with balance in his life.

"I (debuted at Sawgrass) as a 19-year-old in 2009, missing the cut, getting kicked out of bars in Jacksonville Beach for being under age, so I've come a long way in those 10 years," McIlroy said.

"I've had a focus over the last six months on my attitude and not letting golf define who I am as a person.

"I used to let what I shot (on a course) influence my mood, but who I am as a person isn't who I am as a golfer."

England's Eddie Pepperell (66) and Jhonattan Vegas (66) shared third at 14 under, while Australia's Jason Day (72) - McIlroy's Sunday playing partner - was tied eighth at 12 under.

Adam Scott (70) shared 12th at 11 under with his fellow Australian Cameron Smith (71) at two under.

Tiger Woods signed off with a 69 to share 30th at six under.

Tiger Woods lit up social media when he racked up a disastrous quadruple-bogey 7 at the iconic par-3 17th during an otherwise "solid" Players Championship campaign.

But at least his two children didn't see it.

"I don't let them go on social media," Woods said after signing off at golf's unofficial fifth major with a three-under-par 69 and a six-under total.

During Friday's second round, Woods put two balls in the water at the famous island green hole for the first time in his career - finding the green with his fifth shot and two-putting for a 7.

But the 14-time major winner said four rounds (70, 71, 72, 69) at par or better at the brutal Sawgrass have him feeling sharp, three weeks out from the Masters.

Although Woods finished outside the top 20 for the first time in four PGA Tour events this year, the 43-year-old is walking away from the Players more confident about his chances of a fifth green jacket at Augusta National.

He hit a creditable 68 per cent of fairways at Sawgrass and 72 per cent of greens in regulation, while ranking 42nd for strokes gained in putting.

"I'm excited (by) the way I drove it pretty straight this week," Woods said.

"(My game) is right on track; I feel like I'm able to shape the golf ball both ways.

"I just need a few more putts go in, but that's about it."

Woods' final event before the Masters will be the World Golf Championships-Match Play in Austin, Texas later this month.

The 80-time PGA Tour winner has not played the event since 2013 and hasn't yet experienced the round robin format adopted in 2015.

Each of the 64 players are guaranteed at least three pool matches.

Having skipped the recent Arnold Palmer Invitational due to a neck strain, Woods shot down suggestions he was overloading before Augusta.

"No, I get a week off after that," Woods said.

"That's kind of nice knowing that I'll be able to get at least three good rounds in."

Jason Day is confident his world-class putter will heat up for the final round of the $US12.5 million ($A17.5m) Players Championship as he looks to become just the second Australian to win multiple titles at TPC Sawgrass.

Steve Elkington is the only Australian with two Players Championship wins (1991, 1997) but 2016 Players champion Day gave himself a red-hot chance at victory at the US PGA Tour's richest event with a solid third round on Saturday.

Day posted a four-under-par 68 to move to 12 under and three shots from 54-hole leader Jon Rahm - the Spanish world No.10 who soared to the top of the leaderboard with a 64.

Rahm, at 15 under, will play in the final group alongside England's Tommy Fleetwood (70), who shares second at 14 under with Rory McIlroy (70) while Day is outright fourth.

Day and fellow Australian Adam Scott (nine under) will enter the final round as the only two inside the top 15 who have won the Players.

Four-time major winner McIlroy, who has finished in the top six in all five PGA Tour events he's played this year, will partner Day in Sunday's second-last group.

While Day ranks a respectable 11th on the PGA Tour for strokes gained in putting, the Queenslander feels he has putted poorly this year relative to the No.1 putting rank he held in 2016.

It showed on moving day as Day missed birdie putts from within 10 feet on the par-5 second, par-5 11th and par-4 14th.

Day, whose ball-striking has been solid, feels his putting is the only thing he needs to turn around to join an elite club of multiple winners at TPC Sawgrass that includes Elkington, Jack Nicklaus (1974, 1976, 1978) and Tiger Woods (2001, 2013).

"I feel like I'm driving the ball well and I'm hitting a lot of quality iron shots but I need to putt a little bit better," Day said.

"There's a good opportunity there; if I can keep that level of play up with my driver and irons, and get back to my standard of putting, then I feel like I've got a really good chance of winning."

Day's countryman and 2004 Players winner Scott lifted himself into contention with a 68.

Six shots behind Rahm, Scott can also join the list of multiple champions at Sawgrass but would need to equal the largest final-round comeback (Raymond Floyd, 1981).

"If it actually plays tough here on Sunday then no (I'm not too far back); if it plays as easy as it did today then yes," Scott said.

Cameron Smith rounded out the Australian contingent and the world No.24 finished at one under after a 73.

Woods signed for an even-par 72 to remain at three under.

A series of pain-killing injections in his back have helped Jason Day roar into weekend contention at the elite Players Championship in Florida.

One week after walking off the course and withdrawing from the Arnold Palmer Invitational in Orlando, four doses of cortisone around Day's spine have dissolved the pain of an annular disc tear.

On Friday at TPC Sawgrass, Day posted a six-under 66 to move to eight under, four strokes behind co-leaders Rory McIlroy (65) and Tommy Fleetwood (67).

Four-time major winner McIlroy and Englishman Fleetwood lead veterans Jim Furyk (64) and Ian Poulter (66), as well as Brian Harman (69) and reigning Australian Open winner Abraham Ancer (66).

Former world No.1 Day, who shares seventh with Keith Mitchell (65) and Kevin Kisner (68), said he was not surprised to be in contention despite an MRI revealing a back injury less than two weeks ago.

"I know how much it hurt last week, but the injections have hit the spot because I can't feel a thing ... which is good," Day said.

Day injured his back practising tirelessly for a week prior to the Palmer event in an attempt to improve his biggest weakness - iron play.

The 31-year-old feels his graft has paid dividends, hitting an impressive 29 of 36 greens in regulation for the first two rounds at Sawgrass.

Day has also been accurate from the tee, finding 21 of 28 fairways.

"I've really tried to watch my tempo with the irons," Day said.

"In years past, I've gone at the ball too hard, especially with the full swing.

"I'm not trying to hit it as hard now and I feel like I've gained a little bit more control from that."

Day's countryman and 2004 Players winner Adam Scott also climbed up the leaderboard with a 69, elevating him to five under.

"I want a really good round tomorrow, get to double digits under par, I can tee off Sunday knowing I have a legitimate chance to win," Scott said.

Marc Leishman (73, even par) bogeyed two of his last five holes to miss the one-under 36-hole cut, while Aaron Baddeley (73, four over) also exited early.

Meanwhile, two-time Players winner Tiger Woods rinsed his tee shot and his subsequent third shot from the drop zone at the famous par-3 17th.

Woods then two-putted for a 7 after his fifth shot found the 17th's iconic island green, but salvaged a 71 for a three-under total.

Tiger Woods insists his Players Championship campaign is far from over despite racking up a disastrous quadruple-bogey 7 at TPC Sawgrass' par-3 17th.

The 14-time major winner had commentators flabbergasted when he recorded a score that would make even weekend amateurs blush - hitting two balls in the water surrounding the island green at TPC Sawgrass' signature hole.

Starting his second round on the 10th, Woods overcooked his tee shot at 17 and it bounced over the back of the putting surface and into the water.

The two-time Players winner then hit his third shot from the drop area, but it came out "too flat and too hot" and also found the water.

With his fifth shot, Woods finally found the green and two-putted for a 7 only moments after he had come within two shots of the lead.

Woods had never put two consecutive balls in the water at No.17 and only found the water there four times in 16 previous appearances at the Players.

"I was pretty ticked, no doubt about that," Woods admitted after his round.

"The first (shot) from the regular tee was good; it just flew a little bit too far."

Woods had surged into contention with three early birdies before his quadruple-bogey, but kept his composure with a two-under front nine (his back nine) to post a 71 and a three-under total.

"I was determined to get it all back and get it back to five (under); I thought that would have been a hell of a fight," he said.

"I just need to go out there and put it together this weekend."

Although well back of the lead, the 80-time PGA Tour winner predicted a volatile weekend at TPC Sawgrass with a forecasted change in wind direction and colder weather.

"Anyone who makes the cut has a chance to win this golf tournament," Woods said.

Tiger Woods and some of his star-studded American team could still be available for golf's Australian Open in the lead-up to the Presidents Cup in Melbourne.

The Open, to be held December 5-8 in Sydney, could be saved from clashing with Woods' own tournament in the Bahamas after US PGA Tour commissioner Jay Monahan and Woods' team admitted dates have not been confirmed.

Woods' elite 18-man Hero World Challenge was slated for the first week of December, which would pit it against the Open at The Australian Golf Club.

The Open is being staged a month later than previous years in order to lead in to the Presidents Cup at Royal Melbourne, where Woods will captain a star-studded American team.

With the October-November portion of the PGA Tour's 2019-20 schedule yet to be fully confirmed, Woods' Bahamas event could be moved to a slot now available in mid-November.

That space became free when a proposed PGA Tour event hosted by NBA star Steph Curry was scrapped and the fall series was rejigged.

Asked if dates for the Hero World Challenge were set in stone or whether discussions were ongoing, Monahan told AAP: "Discussions are ongoing across the board, yes. We are working through some of the complications; we've got considerations as it relates to our (entire) schedule."

Woods' team declined to comment but similarly did not rule out a move.

Although the Australian Open is of little concern to the PGA Tour, bringing Woods' event forward two weeks could spare the majority of the 12-man American team having to dash from the Bahamas to Melbourne.

The PGA Tour runs the Presidents Cup and is unlikely to want American stars arriving jetlagged just three days before its flagship teams event.

Monahan did concede an early arrival would be beneficial to the Presidents Cup.

"Obviously, you want them to be there as comfortable and as early and as adjusted as possible," Monahan said.

Australian Adam Scott, who shares the record (eight) for most Presidents Cup appearances for the International team, said the Australian Open would snare some of the American big guns regardless of Woods' event.

"I think they will get some of (the US team) ... the prospect of playing in Australia the week before the Presidents Cup is appealing," Scott said.

"I'd rather see most of the American team come down on Monday jetlagged," he added with a grin.

Adam Scott admits he will need a hot second round start at TPC Sawgrass to avoid letting the Players Championship slip away in Florida.

Scott and countryman Jason Day finished the first round of golf's unofficial fifth major five strokes behind the lead after they battled Thursday afternoon winds.

The pair signed for a creditable two-under-par 70, while in-form Englishman Tommy Fleetwood and Keegan Bradley shared the lead at seven under with 65s.

Fleetwood and Bradley lead South Korea's Byeong Hun An and American Brian Harman (66) by one, while four-time major winner Rory McIlroy is five under courtesy of a 67.

McIlroy shares fifth with Americans Vaughn Taylor and Ryan Moore, who bagged a stunning hole-in-one at the famous par-3 17th when he slam-dunked his tee shot into the hole.

Moore's 121-yard shot was the ninth ace at the 17th in the Players' 45-year history.

Meanwhile 2004 winner Scott drained a 17-foot birdie putt on the difficult 18th.

But the 38-year-old says he won't remain in contention unless he takes advantage of the calm weather forecast for Friday morning.

"A fast start on the front nine will be really handy; I need to be under par making the turn," Scott said.

"I'm hoping for soft greens in the morning so I can make a push and watch the guys battle in the afternoon (breezes) like we did today.

"I'm going to have to get up to six (under) or better to feel like I'm not way back heading into the weekend."

Scott and 2016 Players champion Day share 34th with two-time winner at TPC Sawgrass, Tiger Woods.

Woods mixed four bogeys with an impressive six birdies, including five on the back nine, to stay within reach of the leaders.

Like Scott and Day, the 14-time major played in Thursday's afternoon wave and is determined to climb up the leaderboard on Friday morning.

"All the low rounds (today) seemed like they were predominantly in the morning; hopefully we can catch it on the calm side with some smoother greens and post a low number," Woods said.

Marc Leishman (71) was next best of the Australians at one under, while countryman Cameron Smith (72) was a shot further back at even par.

Aaron Baddeley signed for a 75 to drop to three over.

It is a conversation that comes up every year at TPC Sawgrass but Australians Adam Scott and Aaron Baddeley aren't prepared to grant the Players Championship major status any time soon.

The Florida showpiece has developed a reputation as golf's unofficial fifth major because it has arguably the deepest field of any worldwide tournament.

The world's top 50 golfers, winners on the PGA Tour during the past year and the top 125 on the previous season's FedEx Cup point list are among those who qualify.

The $US12.5 million purse on offer is currently the richest on the PGA Tour.

The 45-year-old Players, which Jack Nicklaus won three times and Tiger Woods twice, now kicks off what many have dubbed the 'championship season' by reverting to the March date it held until 2006.

Along with the US PGA Championship moving to May, golf now has four majors and the Players spread across five months between March and July.

But Baddeley rejects the idea golf's championship window lays the foundation for the Players to join golf's four existing majors: the Masters, the PGA Championship, the US Open and the British Open.

"I don't ike the idea of calling it a major because it hasn't been a major from the beginning," he told AAP.

"It's like the LPGA making the Evian Championship a (women's) major (since 2013); it's not the same.

"The Players is a really important tournament but as much as they want it to be a major it's never going to be on that same level.

"If you ask any player if they'd rather win a Players Championship or a major, everyone is going to say a major."

Scott, who credits his 2004 Players victory for kick-starting his stellar career, is also reluctant.

"I consider the Players a massive event and I think it's going to do well back in the March date," Scott, the 2013 Masters winner, said.

"It's a serious event, on a serious golf course with a serious field.

"But I don't think we need to make it an official major. I'm treating it like a major and it certainly has a really high level of importance for us.

"The sense of achievement winning the Players, to beat such a strong field on a very demanding course, is an absolute highlight of my career."

However Scott's countryman Jason Day, who equalled the course record 63 en route to his four-shot Players win in 2016, does want the Players to be enshrined as a major.

The 2015 US PGA Championship winner says it is up to golf media to create the narrative, similar to the way Arnold Palmer helped conceptualise the current four majors with sports writers in 1960.

Aaron Baddeley has never been more confident of improving his disastrous record at TPC Sawgrass' iconic par-3 17th hole during this week's elite Players Championship.

Baddeley has the dubious stat of hitting most balls in the water surrounding the 133-yard hole than any competitor since 2003 - rinsing 13 shots.

Only Phil Mickelson and Bob Tway (nine) have come close to Baddeley's record.

The 17th has played a large role in the dramatic finish at the Players with many competitors stumbling when having to hold their tee shots on its island green.

"I used to freak out on that hole," Baddeley told AAP. "I haven't got the best record on 17. In the past I haven't hit the ball all that straight."

Baddeley, who has eight missed cuts from 14 appearances, attributes his poor play at the 17th, and TPC Sawgrass in general, to tinkering with his golf swing too often.

But the 37-year-old seems to have brought his ball-striking up to a similar standard to his putting, which has been world-class throughout his career.

In 2015, when countryman Jason Day and Jordan Spieth won three majors between them and shared the world No.1 spot, Baddeley still ranked first on the PGA Tour for strokes gained in putting.

Baddeley tied second at the recent Puerto Rico Open prior to contending at last week's Arnold Palmer Invitational - where he came within a shot of the lead midway through the final round only to stumble on the back nine.

"The way I've been hitting the ball, I find the 17th a lot easier," Baddeley said.

"I've got confidence to swing my swing and it's going to go where I'm aiming."

Fellow Australian Cameron Smith also has a lacklustre history at the Players despite the Ponte Vedra Beach resident using Sawgrass as his home base to practise and play.

World No.24 Smith has missed the cut in his two only to appearances at golf's unofficial fifth major.

But the 25-year-old puts that down to playing TPC Sawgrass in non-tournament condition.

"I think in the past two years I've played a bit too much golf at the course when it's not prepped for the tournament; the course plays so much different outside the Players," Smith said.

"With a huge volume of (visitors) playing the course every day they have to keep the greens and fairways longer."

Rounding out the Australian contingent at the Players is 2016 winner Day, 2004 champion Adam Scott and world No.19 Marc Leishman.

The Players Championship will this week field every player within the world's top 50, including big guns Dustin Johnson, Brooks Koepka, Tiger Woods and Rory McIlroy.

Its $US12.5 million purse is the richest on the PGA Tour.