It is the gold standard on the PGA Tour, a championship that continues to spark debate if it should become golf's fifth major.

Staged at an iconic venue designed by the legendary Pete Dye and boasting the strongest field in the game and a mind-blowing $15 million prize pot, the 47th Players Championship tees off on Thursday with all the gloss and prestige associated with the PGA Tour's flagship tournament.

Northern Irish superstar Rory McIlroy will defend the trophy with the aim of becoming the first man in history to repeat as Players champion.

The tournament has become an important platform for Asia's emerging stars to show they belong among the rest of the world's elite. Or as 2011 champion KJ Choi put it: "To be the best, you've got to play with the best."

"The Players victory was one of the most significant and dramatic moments for me. A lot of Korean fans cried and cheered that day and I remember it perfectly," said Choi.

The 49-year-old Choi now has eight PGA Tour titles to his name, with his success in North America continuing to inspire other Koreans and Asians, such as 2017 winner Kim Si-woo.

The 24-year-old Kim is still basking in the glory of that three-shot win at TPC Sawgrass in Florida.

"I feel a sense of pride any time I'm at TPC Sawgrass. It's a very special place for me," he said.

Another strong cast of Asians will join the world's elite this week, including President Cup International Team members Im Sung-jae, An Byeong-hun, both from South Korea, Chinese Taipei's CT Pan and Japanese ace Hideki Matsuyama, who has two top-10s at The Players, in 2017 and 2019, and is strongly fancied to be in the title mix come Sunday.

Reigning champ McIlroy, however, is not planning on letting go of his trophy at an event that is clearly dear to his heart.

"It means a lot because it is our tournament and I think your peers recognize you for that achievement. It's an event that everyone wants to win. Very proud, very honored to call myself a Players champion," said the 30-year-old, whose victory last year propelled him to a second FedExCup title.

Australia's Jason Day, the 2016 champion, thinks The Players should be elevated to major status.

"It would be good. When you come to an event like this and you're playing in a tournament on a large scale, it feels like a major," said the former world No 1.

Retired NBC commentator Johnny Miller provided a slightly different twist.

"There should only be maybe five championships in golf, Players Championship and then the majors … and the rest of them can be tournaments," said Miller.

Even newcomers are acutely aware of the tournament's stature. Rising Thai star Jazz Janewattananond, who is poised to make his Players debut, said: "Everyone says it's the fifth major. It's a big event. I have heard the golf course is really tough. I'm also excited to play that 17th hole," said the 24-year-old.

Jazz should be careful what he wishes for. The iconic par-3 17th has delivered high drama and defining moments since The Players was first staged at Sawgrass in 1982. Countryman Kiradech Aphibarnrat suffered at the infamous hole, finding water twice en route to a quadruple bogey during the final round in 2018 as he dropped out of the top 10 on the leaderboard.

Whether or not The Players should enjoy major status, world No 4 Justin Thomas perhaps best summed up the views of the field: "I don't care what it is, if I win it, I'll be pleased," he said.

"I mean it has all the characteristics, if you will, but to me The Players is The Players. Everybody knows it's a huge event, everybody knows it's a major. Can you go wrong calling it one or not calling it one? Everyone in this field would be very, very content with holding the trophy at the end of the week."