Tiger Woods, despite receiving a favorable lost-ball ruling, missed the cut for only the eighth time in his 267 tournaments as a professional.
Watney posted a 36-hole total of 12-under 132 at the Quail Hollow Club, one week after he failed to survive the 36-hole cut in New Orleans.
Phil Mickelson made a 5-foot par putt on the final hole to finish at 1-under 143 -- the number needed to survive the cut. Lee Westwood, ranked third in the world, birdied two of the last four holes to also shoot 143 for two rounds.
Woods shot a 73 Friday to turn in an even-par 144 total. He hit a wild tee shot at the par-5 fifth that slammed into a tree and dropped into a large crowd of gallery members.
By the time Woods reached the spot where his ball landed it had disappeared and a rules official finally determined that it had to have been picked up by a spectator. Woods was allowed a free drop.
Woods was playing for the first time since he finished tied for 40th at the Masters.
Rory McIlroy, ranked second in the world and playing on his 23rd birthday, shot a 68 to finish at 136 in a tie for 13th.