Of course, entering as a favorite and contending on Sunday are two things that often don't go hand in hand.
Check out the odds on the top 20 favorites, and then we'll break down the chances of the top stars.
*odds according to Bovada on April 9.
- Tiger Woods, 3/1
- Rory McIlroy, 8/1
- Phil Mickelson, 10/1
- Justin Rose, 20/1
- Dustin Johnson, 22/1
- Charl Schwartzel, 25/1
- Lee Westwood, 25/1
- Louis Oosthuizen, 25/1
- Keegan Bradley, 25/1
- Adam Scott, 28/1
- Brandt Snedeker, 28/1
- Bubba Watson, 33/1
- Luke Donald, 33/1
- Matt Kuchar, 33/1
- Hunter Mahan, 40/1
- Ian Poulter, 40/1
- Sergio Garcia, 40/1
- Rickie Fowler, 45/1
- Graeme McDowell, 50/1
- Jason Day, 50/1
Tiger Woods, 3/1
Having won his the last two Tour events he's entered, Tiger Woods is the overwhelming favorite.
Woods is dialed in with his wedge, and that will serve him well in the tricky Augusta greens. Also, once he gets on the greens, he is deadly. Woods leads the Tour with an impressive 1.476 strokes gained-putting.
As a four-time winner of this tournament, and playing in this iconic tournament for the 19th time, Woods knows every corner of this course.
While Woods hasn't won this tournament since 2005, other than his 40th-place finish last year, he has been in contention every year since his last win.
A huge key for Woods will be his performance on the par fives. Last year, he was just one-under for the tournament on the par fives, and that just isn't going to cut it.
Well, Woods has been playing the par fives well this year. In his last two tournaments he is a combined 23-under on the par fives.
Tiger has everything going for him that he needs to in order to claim his fifth green jacket.
Rory McIlroy, 8/1
Things have not gone that great for Rory McIlroy this year. However, he has two top-10 finishes in his last three Tour events, and that includes a second-place finish last week at the Texas Open.
This certainly offers a glimmer of hope at this year's Masters. However, I'm not buying it.
Rory has never fared well at Augusta. His best finish came in 2011 when he tied for 15th, and that came in the year he lost the lead with a horrendous collapse on the back nine in the final round.
Last year, Rory started off strong, but he was terrible on the weekend as he shot a 77 and a 76 to wind up in 40th.
Now, Rory has to face his demons on this course and try to hold it together for four rounds in a year where consistency has not been his friend.
I would be shocked to see Rory leave this tournament with his first green jacket.
Phil Mickelson, 10/1
Phil Mickelson has authored some of the best moments of his storied career at the Masters.
Lefty has always been plagued by inconsistency, but Augusta fits his game well, and he typically finds a way to work himself into contention at this tournament. He was third last year, 16th the year before and he won in 2010.
There will also be another interesting thing to watch with Mickelson at this tournament. Farrell Evans of ESPN tells us that Lefty has ditched his driver for this tournament in favor of a new driver/3-wood hybrid that is supposed to improve his driving accuracy without sacrificing distance.
If this does improve his accuracy, the rest of the field could be in trouble.
Phil has looked good this year. He has a third and 16th-place finish in two of his last three events, and he won in Phoenix earlier this year when he nearly shot a 59.
When Sunday rolls around, expect Lefty to be in contention.