Cash is paid out down to the very end for those who make the cut (I think), although there is a major dropoff. As the winner, Phil gets almost $1.2 million. Elkington and Bjorn (tied for 2nd ) get over a half-million apiece. Tiger and Davis Love will get just under $300K apiece. Hal Sutton (finished last in 79th place) will get a check for $11,600.
More specifically, if there is a tie for second place between two folks they split the money that was earmarked for 2nd and 3rd. If there's three that tied for third place, they would split the purse earmarked for 4th, 5th, and 6th, etc..