Terry,
I wouldn't call any player who can win a major a "mutt". It takes some wickedly awesome game just to tee it up in any PGA Tour sanctioned event, much less win a big-un (notable exception: getting in on a one-off sponsor exemption, think Big Break).
That being said, I totally get that I'm in a minority position when it comes to prestige, tradition, past winners, etc, etc for determing how "good" a major is for lack of a better word. I primarily look at one, and only one, major attribute in making such determinations:
Strength of Field!
Everything and anything else is a far distant 2nd, including the aforementioned attributes. In my mind, the Players is every bit as good as a major, even though it isn't called one, because year after year it almost always has the best field in totality.
Once again, I realize I'm in the minority here...but that's just where I'm coming from.
P.S. Don't get me wrong, I'm just as much a Masters lover as the next guy. But just because I am, doesn't mean I don't understand how they "load the deck" to almost always ensure a compelling finish most years.