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The 1986 Tournament Players Championship was a golf tournament in Florida on the PGA Tour, held March 27–30 at TPC Sawgrass in Ponte Vedra Beach, southeast of Jacksonville. It was the thirteenth Tournament Players Championship. John Mahaffey shot 71 in the final round for 275 (−13) and the win, one stroke ahead of runner-up Larry Mize, the 54-hole leader. Calvin Peete missed the 36-hole cut by two strokes, the first time a participating defending champion did not play the weekend.