Nicklaus and Tom Watson wanted earned seven skins and $260,000 on the back nine Sunday to win the Champions Skins Game over Gary Player and Jay Haas.
Team Nicklaus-Watson finished with nine skins worth $320,000, boosting the Golden Bear to a career record 96 skins worth $2,295,000. Last year's runners-up sealed the win when Player-Haas bogeyed the first playoff hole and were eliminated.
"I think we were both determined not to lose," said Nicklaus, an 18-time major winner.
Player and Haas, the Champions Tour player of the year, finished with six skins worth $290,000 in the four-team, alternate-shot event.
It was the first time since the 2000 tournament that everyone took home money.
"Everybody traveled a long way. It's nice everybody shared the round a little bit, we but didn't come here to share the round," Nicklaus said.
Arnold Palmer drained a 10-foot birdie on the second playoff hole on No. 16 to earn a skin worth $100,000 to avoid being shutout for the third straight year. He was teamed with Loren Roberts, making his first appearance in the tournament.
Defending champions Raymond Floyd and Dana Quigley began the day tied for the lead with Nicklaus-Watson at two skins and $60,000, but were blanked on the back nine.
"You'd always like to win it all if you can, but it was good to see (Palmer) do it and everybody get a piece of the pie," Watson said.
Nicklaus and Watson pressured their opponents early on Watson's bending 18-foot birdie putt on the par-3 11th, picking up seven skins worth $260,000. The hole ballooned to $260,000 after the previous six holes, including five on Saturday, were carried over.
"Yes, sir!" said Nicklaus, who set up the birdie with a solid tee shot from 178 yards.
Haas, who won four Champions Tour events last year, had a chance to halve the hole, but left his 12-footer high.
"Now, let's go get the rest of them," Watson said.
"Let's go get the rest of them, partner. Well done," said Nicklaus, who will be 67 on Jan. 21.
With only $120,000 claimed on the front nine Saturday, $650,000 was up for grabs on the back side.
Nicklaus said his team didn't make very many putts, "but we made the right putts at the right time. That's why we got the check."
Nicklaus-Watson had seven birdies during the 18-hole, two-day event at the Wailea Golf Club's Gold Course, a scenic layout with 93 bunkers. The 6,833-yard course built on the slopes of the dormant volcano Haleakala is surrounded by ancient Hawaiian rock walls. Conditions were sunny and calm Sunday.
"I think somebody said to Jack, 'Boy you sure played well' and he said, "I don't know what happened,'" Haas said. "I said, 'What happened was, the bell rung.' It was time to play and he just seems to turn it on."
Player-Haas made a late surge, picking up three skins worth $150,000 on Player's 30-foot birdie putt on the par-4 17th to draw within $30,000 of Nicklaus-Watson with $100,000 up for grabs on the 18th.
The 18th was carried over when Haas' 7-foot birdie putt swirled in to halve the hole. But his approach fell short into the bunker on the first playoff hole, leading to a bogey for his team and a win for Nicklaus-Watson.
"I've never been disappointed walking off of the green and winning $290,000," Haas said.
After being shutout for 13 holes, Player-Haas got on the board and got back into contention on the 420-yard 14th.
With three skins and $140,000 on the line, Haas holed a 10-footer for birdie to get his team on the board. Watson missed an 8-footer to halve the hole.
"We were sitting on zero for the longest time it seemed like and Gary hit a very nice shot into No. 14 and then I made that putt," Haas said. "But you just have to make them at the right time in the Skins Game. You just have to be a little bit lucky."
The 77-year-old Palmer struggled early in the day, often leaving his partner in the sand, rough and near trees. But Roberts, making his Skins debut, often answered with amazing saves.
"It's tough to see him struggle," Watson said. "Even though we're competing against him, we want to see him succeed and he did."
Palmer came through on the second playoff hole, No. 16, pumping his right fist as the gallery and his opponents cheered. It was the same hole where he made a 25-foot birdie putt earlier in the day.
Palmer called it "lucky."
Everyone didn't believe him.
"There's still life in the old dog left," Watson said.
The eight invitees have combined to win 553 tournaments worldwide - including 46 majors - and nearly $104 million.
Last year, Floyd made an 8-foot birdie putt on the 17th hole for nine skins and $410,000 to give him and Quigley a total of 10 skins and a record $510,000.