Scheffler romped to a five-stroke victory at the PGA Tour's $US25 million ($A38 million) event after Lee disappeared from contention after he grafted a hard-earned share of the lead early in Sunday's final round at unforgiving TPC Sawgrass.

After starting the day two shots behind in outright second spot, Lee pulled back the deficit with a birdie on the 1st hole and a bogey from Scheffler on the 3rd.

But that's when the West Australian unravelled.

He sensibly chipped out after finding the trees off the tee on the par-4 4th, only to dunk his third shot into the water en route to a disastrous triple bogey.

"The worst wedge shot he's hit in five years," one-time PGA Tour player of the year Paul Azinger suggested in commentary.

Lee couldn't recover, racking up a double and three bogeys to eventually close with a four-over 76 and eventually finish in a seven-way share of sixth following a late recovery with birdies at the 16th and 17th that could have been better if not for a bogey at the last.

Davis experienced an up-and-down final round before finishing in sixth. PHOTO: Richard Heathcote/Getty Images.

While Scheffler pocketed a cheque for $US4.5 million ($$A6.8 million) – the Tour's biggest ever – after capturing his sixth victory in 13 months, Lee pocketed a $US736,600 ($A1.1 million) pay day.

The 24-year-old Players Championship debutant’s late round birdies doing his bid to earn a second invitation to Augusta National for next month's Masters no harm, with his world ranking of 50th likely to climb.

"It happened really quick. It's one of those things where it's Sunday and you just make a couple bad decisions and it all kind of falls down," Lee lamented.

"But I hung in there pretty well. I didn't have it all today. It's funny how yesterday I felt like I had the best swing in the world, and then today I just felt like nothing could go right.

"So nice finish and I'm pretty proud of the result and I think it will take me a long way.

"It could have been a lot worse. That's for sure. It wasn't easy. I could have easily shot 10-over today."

Lee's fade-out allowed Cam Davis (74) to finish as the equal-leading Australian, having missed the halfway cut in his previous five tournaments.

"I didn't have it all today. It's funny how yesterday I felt like I had the best swing in the world, and then today I just felt like nothing could go right ...  I'm pretty proud of the result and I think it will take me a long way." - Min Woo Lee. 

"It was a great week for me," Davis said.

"I've had a bit of a rough stretch over the last five, six tournaments, so it's a very welcome change to see some good golf this week."

Davis looked to be on track to be the best of the Aussies after he recovered from two early bogeys at the 3rd and 5th with birdies at 7 and 8.

Another birdie at the 12th lifted the 2017 Australian Open winner to 11-under before bogey at the 14th was followed by double bogey at the par-3 17th when he found the water.

Jason Day (72) continued his impressive return to form with share of 19th at six-under, while Adam Scott finished in 71st at five-over, with Aaron Baddeley rounding out the Aussie contingent two shots higher in 72nd alone after signing for a 76 on Sunday.

But the spoils belonged to Scheffler, who not only banked a motza and regained the world No.1 ranking from Spanish superstar Jon Rahm but also etched his name alongside Jack Nicklaus and Tiger Woods as only the third player to win the Players while being the reigning Masters champion.

With a 17-under 271 total, the American was five shots clear of English runner-up Tyrrell Hatton, whose final-round-low 65 earned him $US2.275 million ($A3.43 million).