"You only have to look at the quality of the field – there's 50 percent of the major winners the last five or six years," Smith said.

"And to have young guys like old mate winning there on 18 is pretty special."

Smith shot a closing 70 in the 48-man field and finished on four-under, 15 shots behind "old mate" – 22-year-old Spaniard Eugenio Lopez-Chacarra, who won A$6.2 million after turning professional four months ago.

Smith's Punch GC team-mate Marc Leishman found form at Stonehill after a recent slump and finished tied for 10th on 11-under. He agreed with Smith that LIV Golf tournaments are "certainly not an exhibition".

"The best player still comes out on top, whether it's three rounds or four rounds.

"Just because some people say one trophy's more important than another, that's their opinion and they're entitled to it. But this was a world-class field. I think it's going places, that's for sure," Leishman said.

The 39-year-old from Warrnambool backed LIV Golf's 54-hole format by pointing to the typical TV ratings for a traditional four-day tournament.

"It shows that people don't really tune in for the first two rounds. Every day [in a LIV Golf tournament] means something. It's more of a sprint. It's more exciting," Leishman said.