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SPRINGFIELD, NJ - AUGUST 15:  Phil Mickelson holds up the Wanamaker trophy after winning the 2005 PGA Championship with a 4-uner par 276 on August 15, 2005 in Springfield, New Jersey.  (Photo by Doug Pensinger/Getty Images)
SPRINGFIELD, NJ - AUGUST 15: Phil Mickelson holds up the Wanamaker trophy after winning the 2005 PGA Championship with a 4-uner par 276 on August 15, 2005 in Springfield, New Jersey. (Photo by Doug Pensinger/Getty Images)Doug Pensinger/Getty Images

PGA Championship 2016: Odds for Sleepers and Favorites at Baltusrol

Matt FitzgeraldJul 25, 2016

The 2016 PGA Championship begins Thursday and returns to Baltusrol Golf Club in Springfield, New Jersey, for the first time since 2005, when Phil Mickelson hoisted the Wanamaker Trophy.

Mickelson could well be a strong contender once again based on his sensational performance at The Open Championship, where he finished second to Henrik Stenson by three strokes but was 11 shots clear of the rest of the field.

Lefty's showing in Scotland at Royal Troon Golf Club was his 11th runner-up finish in a major. That's perhaps why he's only the sixth favorite, according to the latest odds on Odds Shark.

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Below is a glimpse at the favorites in the year's major finale, followed by a breakdown of the tournament as a whole with a focus on certain players.

Jason Day8-1
Rory McIlroy8-1
Dustin Johnson9-1
Jordan Spieth9-1
Henrik Stenson16-1
Phil Mickelson20-1
Justin Rose25-1
Rickie Fowler25-1
Adam Scott25-1
Bubba Watson28-1
Sergio Garcia33-1
Branden Grace40-1
Brooks Koepka40-1
Patrick Reed40-1

2016 PGA Championship Preview

SHEBOYGAN, WI - AUGUST 16:  Jason Day of Australia poses with the Wanamaker Trophy after winning the 2015 PGA Championship with a score of 20-under par at Whistling Straits on August 16, 2015 in Sheboygan, Wisconsin.  (Photo by Andrew Redington/Getty Imag

World No. 1 Jason Day set the major aggregate scoring record with his maiden major triumph at the 2015 PGA Championship, defeating Jordan Spieth down the stretch in a thrilling duel.

Similar theater could be in store at Baltusrol courtesy of two par fives to finish, including a reachable 18th.

The high standard Spieth set in 2015 with two major victories has led to an inevitable letdown of sorts this season. ESPN's Peter Burns weighed in on Spieth's harsher critics:

Wins at the Hyundai Tournament of Champions and the Dean & DeLuca Invitational and a tie for second in a Masters Tournament he could've easily won already make for a solid year. Should Spieth manage to notch the third leg of his career Grand Slam this coming weekend, he'll be rather impervious to criticism.

The 22-year-old is just behind Day, though, with the Aussie's fellow co-favorite instead being Rory McIlroy.

Although he was well off the ridiculous pace Stenson set at the 2016 British Open, McIlroy did finish in a tie for fifth at four under. With the exception of a missed cut at the U.S. Open, the Northern Irishman hasn't fared worse than 12th in his past nine starts and has two PGA Championship titles to his name already.

"It's really close," said McIlroy of his game after The Open Championship, per Ben Everill of the PGA Tour's official website. "I'm staying positive about it. I feel like good things are happening, and if I can drive the ball, like I did this week, at Baltusrol and sharpen up a few bits and pieces, I think I'll be right there."

Day, Mickelson and McIlroy will be quite the trio as they prepare to play together for the first two rounds at Baltusrol. Day has had a fine season with three wins already, while Mickelson is seeking a sixth major win.

Reigning U.S. Open champion Dustin Johnson won the World Golf Championships-Bridgestone Invitational in his next start, placed in the top 10 in the British Open and tied for second at the RBC Canadian Open on Sunday.

Johnson has eclipsed both McIlroy and Spieth this year in the world rankings. He's playing perhaps the best golf of his career and has gotten the major monkey off his back, which could open the floodgates for an elite talent who's only beginning to realize his potential.

As for potential sleepers who figure to be in contention at the PGA Championship, the best bets are probably Sergio Garcia at 33-1 and Branden Grace at 40-1.

Baltusrol was a frequent U.S. Open host before serving as the site of the PGA Championship in 2005. It's a more challenging venue than the traditional PGA fare, which tends to be more of a birdie-fest. Mickelson's winning score was a four-under par, which plays more into the hands of players like Garcia and Grace.

Garcia is still searching for his first major but hasn't been far off of late, logging top-five finishes in June's U.S. Open and this month's Open Championship.

Grace, 28, already has seven European Tour victories, won on the PGA Tour this year at the RBC Heritage and has top-five finishes in each of the past two U.S. Opens, along with a solo third behind Day and Spieth at the 2015 PGA Championship.

A strong case can be made for all the aforementioned players, including Stenson, based solely on his Open Championship effort. The tight schedule—influenced by the 2016 Rio Games that start Aug. 5—numerous stars in fine form and a tough course make the battle for the Wanamaker as captivating as any in recent memory.

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