|
Money
The difference between standing and standings.
On June 23, Tiger Woods made a short, sobriety-test-straight walk across the clipped fairways of TPC River Highlands to the Travelers Championship press tent and delivered the most coherent critique of post-2008 America ever heard in the state of Connecticut. Woods, recently released from a Swiss clinic and accompanied by former first daughter-in-law Vanessa Trump, wasn't supposed to make a political statement. He was supposed to announce a radical restructuring of the PGA Tour to ensure real competition. He could not help but do both.
The problem Tiger and the PGA Tour brass set out to solve has two names. TikTok-addled NYU undergrads call it "late capitalism." Golf fans call it Patrick Reed.
The winner of the 2018 Masters and former world #6, Patrick Reed is both rational and immoral. In 2011, Reed turned pro at the age of 20 after allegedly stealing a teammate's putter and money while at the University of Georgia. In 2019, Reed was caught on camera (twice) scraping sand from behind his bunkered ball. In 2022, Reed signed a reported $50M+ contract to play on the Saudi-backed LIV golf tour, which attracted talent by offering permanent standing in the form of guaranteed contracts, rather than compensation based on impermanent standings earned on the actual course.
The PGA is embracing the Woods Doctrine and relegation to ensure that players like Reed can't opt out of real competition by monkeywrenching the mechanisms designed to punish failure. Woods's reforms read like a leftist critique because they are about redistribution — not of winnings, but of risk. The new rules push back on the precise sort of LIV-style secession that has let rational, immoral elites — political, economic, social — dismantle the machinery of accountability, the kind that punishes not just cheating but losing.
The arcane details of the Woods Doctrine should interest those with no interest in golf. Beginning in 2028, the Tour splits into a Championship Series of roughly 120 players and a Challenger Series beneath it. At season's end, the top 90 keep their place and lower ranking players drop into a four-to-six-event "last chance" series, with the losers being replaced by the 20 highest ranked players in the Challenger Series. Also, anyone who wins a major is promoted on the spot. Championship purses start at $20M. Challenger purses at $4M. 30 down. 20 up. Give or take. Promotion. Relegation. Real competition — albeit between rich guys.
To understand why the system will likely work, it's worth considering the popularity of the Premier League, which works a similar way, or Japan's miraculous post-WWII economic boom, which was driven by the same redistributive mechanic.
From the mid-1950s to the early 1970s, Japan's economy grew roughly 10 percent a year, doubling in size every seven years (and confusing a lot of economists) as Britain slipped into stagnation. In 1982, the University of Maryland economist Mancur Olson offered a convincing explanation: When Japan was defeated, America systematically destroyed the country's old “distributional coalitions,” the cartels, guilds, and lobbies that hoard reward and shed risk. The result was fierce, open competition that led to rapid growth. In Britain, coalitions were, if anything, strengthened. Natural experiment. Conclusive results.
It's not so much that relegation systems work as that non-relegation systems work poorly. And Americans have the receipts. Over the last few decades, we've seen this play out in a variety of ways off the course.
Banks: The 2008 crisis destroyed more than $30 trillion in global wealth; Washington answered with a $700 billion bailout for banks deemed too big to fail. (In a 2023 YouGov survey, 67% of Americans agreed no company should be too big to fail.)
Companies: The number of U.S. public companies has halved since 1996, from about 8,090 to under 4,000, and most of that churn is incumbents swallowing rivals, not rivals unseating incumbents. (In the same survey, 69% backed antitrust enforcement.)
Sports: In 2011, leveraged-buyout baron Josh Harris bought the Philadelphia 76ers and, beginning in 2013, deliberately tanked for three years to hoard draft picks. The Sixers have never reached a conference final. (In the same survey, 70% said capitalism needs competition to work.)
Colleges: The most prestigious universities don't compete for market. Despite a massive increase in qualified applicants, Harvard, Princeton, Stanford, and Yale have avoided expanding in order to retain their prestige — all while becoming investment funds with schools attached. Harvard sits on a $56.9 billion endowment. (In a 2025 RMG Research poll, Americans favored taxing schools with billion-dollar endowments 45% to 34%.)
The Woods Doctrine is popular. Really popular.
The overwhelming demand for real competition is why the PGA has been able to mete out real punishment to LIV defectors. In 2019, Reed was docked two strokes for cheating. This year, Reed hasn't been allowed to compete on the PGA Tour at all. He'll be back in August, but the message is clear: Cheating is bad and collusion is worse. True. Cheating at least implies a desire to compete. That desire is not universal among those near the top of the leaderboard. As Peter Thiel put it in 2014's Zero to One: "Capitalism and competition are opposites."
Reed was ostracized because that's what should happen to rational and immoral actors. It's why Trump can't buy into Augusta. The traditional job of elites is to maintain the system by protecting it from the sorts of pseudo-elite dickheads who aspire to not only win, but to set up distributional coalitions. Which is not to say that elites don’t traditional engage in a little bit of self-dealing.
Speaking after Woods at TPC River Highlands, PGA Tour CEO Brian Rolapp described the Woods Doctrine as "a new competitive model grounded in meritocracy." And that is mostly true. But deep in the proposed regulations is a note about reserving a handful of spots for players who've hit unspecified "career milestones" — players with standing. When a reporter at the event floated 80 PGA Tour wins as one such milestone, Woods chuckled. Only two players have ever reached 80. One is dead. The other is Tiger Woods. He did not poo-poo the idea. |