You don't know anything about Augusta National or the Masters. It is most certainly a "challenging competition of the sport's top players," in fact it is likely

You don't know anything about Augusta National or the Masters. It is most certainly a "challenging competition of the sport's top players," in fact it is likely the most coveted tournament by any pro golfer, and the Green Jacket is recognized worldwide. As far as commercialization, Augusta National could auction TV rights to the highest bidder, but it doesn't. It could sell VIP experiences, or skyboxes, or reserved seating, but it doesn't. It could charge $10 for a sandwich, but it doesn't. It could allow corporations to plaster their name all over the course, but it doesn't. It could sell official merchandise in retail stores or on the internet, but it doesn't. It could allow its TV partners to run the typical allotment of commercials per hour, but it doesn't. It could license its brands (either Augusta National, The Masters, Amen Corner, Unlike Any Other, etc) to golf courses around the world (like TPC) but it doesn't. It could leave amateur golf to the USGA or other organizations, but it doesn't... I could go on.