The 50th anniversary of the Players Championship gets underway on March 14 at TPC Sawgrass in Florida. The purse is $25 million with a first-place prize of $4.5 million.

Scottie Scheffler won the PGA Tour's premier event last year. He's the favorite to win golf's so-called "fifth major" once again.

Here's everything you need to know about the Players Championship.

How can I watch the Players Championship?

The Players Championship will have extended coverage on ESPN+, with 21 feeds covering every shot of every group on every hole on Thursday and Friday mornings, and more than 30 separate streams on Saturday and Sunday. Additionally, there will be Main Feed, Featured Groups, Featured Holes and Marquee Group streams each day. Fans can watch all of these streams on ESPN+.

All-Access coverage on ESPN+ begins Thursday at 7:30 a.m. ET and continues through Sunday. Here's the schedule for Thursday and Friday:

*All times Eastern

THURSDAY

All-Access Coverage | 7:30 a.m.

Main Feed | 7:30 a.m.

Featured Holes | 8 a.m. ET

FRIDAY

All-Access Coverage | 7:30 a.m.

Main Feed | 7:30 a.m.

Featured Holes | 8 a.m. ET

ESPN+ will follow a similar schedule on Saturday and Sunday when pairings are announced.

Who are the favorites?

After last year's 5-stroke victory at the Players Championship, Scheffler enters as the clear favorite. According to ESPN BET, the top contenders are Scheffler (+525), Rory McIlroy (+1300), Xander Schauffele (+2000), Justin Thomas (+2200) and Viktor Hovland (+2200).

It's worth noting that the Players Championship has never had a repeat winner. Scheffler will make history if he can defend his title. The world No. 1 is coming off a 5-stroke win at the Arnold Palmer Invitational at Bay Hill last week.

Where can I find more PGA Tour coverage from ESPN?

Check out ESPN's the Players Championship preview for a breakdown of the contenders, top storylines and groups to watch.

For more coverage, visit ESPN's golf page, which features breaking news, in-depth analysis, features, rankings, one-hour recaps of each Masters Tournament since 1960 and more!