You are correct that it was a lot of good players for little money. But I'd guess you are wrong about the promoter lining his pockets.
Here are the numbers as I understand them. (I have not yet seen all the payouts for this year, but I imagine it will be pretty much the same as last year, when the prize fund was $15,520.)
Total entry fees = 192 x $85 = $16,320
Administrative or greens fees deducted = 192 x $25 = $4,800
Money added back = $4,000
Prize fund = $16,320 - $4,800 + $4,000 = $15,520
On one hand, then, it is possible to argue that the added money was illusory, because the actual prize fund was $800 less than the players themselves paid in entry fees.
On the other hand, the prize fund was $4,000 more than it would have been if that money had not been returned to the prize fund as "added money."
I have no idea what the total expenses were for all the various aspects of putting on this event, but I would imagine that they were considerably more than the net $800 reduction to entry fees.
I don't think this event was ever intended to be a big-money pro event. It was a local event to memorialize Jay Swanson, with a fairly low entry fee and a deep pay-out (one-third of the field). The number of pros playing this year was extraordinary, caused perhaps by so many of them being in Las Vegas for Bonus Ball and by other events upcoming in the area.
Rather than criticizing the finances of the event, I think we should thank all the people who put it on. Anyone who felt it was not worth entering could stay away.
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