Happy return, Ted.
I think Wild Bill and Matthew and Mickelson have zeroed in on it. The razor thin margin of misses, are extremely penal, in that missing the wrong side on many courses, can result in a dropped shot but also more chances for nice up and downs from short side bunkers or depressions, etc. Those razor thin misses on most courses have recovery sometimes and maybe extract half or on average through rounds 3/4 strokes penalty. But Sawgrass seems to have more of the misses in water, and more full stroke penalties per round. So, the good players that win have an exceptional week when they win, and probably lead in the least water balls, but the returning year are just a tad off, short side or bound into water even after decent shots to a green, and the sure penal full stroke drop hazards take their toll. So in the win year they just get that razor thin good break, luck, fewer full penalty shot hazards, yet they otherwise play pretty well another year but just don't get the breaks or keep it out of the water hazards.
It seems to me it is good tournament architecture, but suspect it isn't so much of an enjoyable round for the average player, even at appropriate tee yardages. But, I never played there, so I'm guessing.