Wood was all but assured his initial Champions Tour victory and first overall in 16 years when Allen's tee shot on the playoff hole went well to the left.
Allen was forced to take a drop in front of a water feature and Wood -- who needed to qualify for the event -- needed only to tap in a par putt for the triumph.
Wood had drained a long birdie putt at the 18th and final regulation hole to match Allen at 13-under-par 203 and force the playoff. He had fired a 4-under 68 in regulation, while Allen registered a 66.
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