Jeff:
That's kind of my argument re. the whole Tiger/Jack thing. Fields are much deeper now, in terms of both sheer quantity and quality -- from the 60th player on down. The top 50 or so during Jack's prime -- without the non-exempt Tour -- were pretty darn good (the George Archer's of the world, who won multiple times on Tour) and would occasionally win a major.
One of McCord's arguments in favor of the all-exempt Tour (at one point something like two-thirds of the regular guys playing golf back then didn't have exempt status, and had to fight through Monday qualifying) is that it made golfers play much more conservatively, instead of learning how to win tournaments, because all those Monday qualifiers were simply hoping to get into that week's tournament (and if they finished high enough in those, that got exemptions into the next week's tourney). McCord's argument was that the quality of golf would increase with an all-exempt Tour because guys wouldn't have to chase from tourney site to tourney site, trying to play one decent round of golf to get in.