The tradition of The Masters is unlike any other and good for it; maybe somebody will learn something about golf history that way, even if Mr. Sarazen and Mr. Snead are no longer there to hit off first.
They could easily expand the field by 5-10 players if they wanted to and include some of the guys who "just missed" but everyone knows ought to be there ... if it weren't for the cries of foul from those they didn't invite. They are playing it safe now by not making any invitations "discretionary," as opposed to 20 years ago when they were miles ahead of other championships in including deserving players from other nations. The World Rankings have allowed other events to catch up in that regard.
On the other hand, part of the reason they limit the field is to limit the chance that some unknown guy will win the tournament, because too many unknown winners does not a major championship make. But, anybody who thinks The Players Championship will replace The Masters in the top 4 tournaments needs a rest.