Australia's Cameron Smith has clinched a $5 million payday, coming from behind to win the so-called "fifth major", the Players Championship.

The Australian made a big charge in the final round at TPC Sawgrass: He was 7-under for the round, coming to the last, leading by three.

But he hit his tee shot into the pine needles on the right-hand side on the last and his second into the water before making a bogey five on the par-four 18th.

India's Anirban Lahiri — who had led going into the final round — had a chance to send the tournament to a play-off but could only manage par.

Smith was 2-under for the day at the turn — but then he reeled off four birdies in a row to get right in the mix for the win.

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Another birdie came on the famous par-three 17th where Smith ignored the option to play safe and hit close to the water on the island hole, landing his tee shot a couple of metres away and sinking the putt for a three-shot lead going down the last.

There was still drama in store.

After he hit the water, Smith held his nerve to hit his chip shot to a couple of feet and sink the putt.

He finished on 13-under, but Lahiri still had a chance.

The world number 330’s approach stopped short of the green, leaving him a 14m shot that had to go in.

He got close, but not close enough, to clinch victory for the Australian by one shot.

Lucas Herbert was the other Australian to make the cut.

He shot a final-round of 4-over 76 to finish on 7-over.

Jason Day, Cam Davis, Marc Leishman, Adam Scott and Matt Jones were the Aussies who failed to make it for the final two rounds.

'Golf was second for two weeks': Smith happy to see family

"It's huge, it's going to take a while to sink in," Smith said afterwards.

"That (putting) was probably the key today.

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"It's a strength but sometimes I lean on it too much.

"It's great to see them go in."

This was the 28-year-old's fifth win on the PGA Tour. Smith is already 10th in the men's golf world rankings, and this victory is likely to see him rise further. 

Smith got emotional when talking about his family, who were on hand to witness his triumph.

"I haven't seen them in two years," he said, tearing up.

"It's nice to see them and nice to get a win for them."