For three years, LIV Golf lived as the aggressor, armed with Saudi Arabia’s Public Investment Fund, and spreading staggering sums of cash to lure stars from the PGA Tour.  For a time it worked, luring some biggest names in professional golf. Now, in a stunning reversal, LIV finds itself fighting to hold onto its most valuable remaining prize: Bryson DeChambeau.

The Saudi-backed league still boasts an effectively unlimited supply of money. But money alone no longer guarantees loyalty. Not after Brooks Koepka left LIV in December and announced this week that he is returning to the PGA Tour under the newly minted “Returning Member Program,” a move that has shifted the balance of power in golf’s civil war and handed Mr. DeChambeau unprecedented leverage in his own contract negotiations.

Once LIV’s boldest conquest, Mr. DeChambeau is now its most vulnerable asset.

The two-time U.S. Open champion and social media force is signed through the 2026 season, but discussions on a contract extension are underway. Golf Digest reported that Mr. DeChambeau’s asking price is steep and includes a demand for greater influence over LIV’s direction.  His leverage increases now that the PGA Tour has created a way back for defectors, even if that path is lined with severe financial punishment.

Mr. DeChambeau’s only comment on the matter to reporters on Tuesday was “I’m contracted through 2026, so excited about this year.”

Under the stiff terms of the PGA Tour’s Returning Member Program, Mr. Koepka will make a $5 million charitable donation and is ineligible for FedEx Cup bonus money in 2026. He also forfeits equity grants for five years and cannot receive sponsor exemptions into signature events. The PGA Tour estimated the penalties could cost Mr. Koepka anywhere from $50 million to $85 million in potential earnings.

“There was no negotiating,” Mr. Koepka said. “It’s meant to hurt. It does hurt. But I understand.”

Though he paid a hefty price, Mr. Koepka showed others the pathway back, although it’s open to a select few. Only players who have been away from the PGA Tour for at least two years and won either The Players Championship or a major between 2022 and 2025 qualify. The only four to qualify are Mr. Koepka (2023 PGA Champion), Mr. DeChambeau (2024 U.S. Open), Jon Rahm (2023 Masters) and Cameron Smith (2022 Players, 2022 U.S. Open),

Notably absent is Phil Mickelson whose last major victory came in the 2021 PGA Championship, one year too early to qualify. Eligible players have until Feb. 2 to accept the terms of the program, which new PGA Tour CEO Brian Rolapp said is not an indication of what the tour will do going forward.

Mr. Koepka, a five-time major champion, said though the financial penalties were painful, he is excited to return to the PGA Tour. “I believe in where the PGA Tour is headed with new leadership, new investors, and an equity program that gives players a meaningful ownership stake,” he said. “I also understand there are financial penalties associated with this decision, and I accept those.”

The 2026 PGA Tour season begins this weekend in Hawaii at the Sony Open in Honolulu where Nick Taylor is the defending champion. A nine-time PGA Tour winner, Mr. Koepka indicated he’ll make his season debut at the Farmers Insurance Open, starting Jan. 29 at Torrey Pines in San Diego followed by the Waste Management Phoenix Open in Scottsdale where he won his first PGA Tour titles in 2015 and again in 2021.

Inside LIV’s camp, the reaction has been somber. Former U.S. Open champion Graeme McDowell called Mr. Koepka’s departure a “massive” loss. “He’s a five-time major champion and an irreplaceable-type player, so it’s a blow to the league,” he said.

Losing Mr. DeChambeau would be crushing. Three years ago, poaching players like Messrs. Kopeka, DeChambeau, Mickelson, Smith, and Rahm, along with Dustin Johnson and Patrick Reed for huge money put LIV Golf on the map and threatened the supremacy of the PGA Tour.  Now the only other players the PGA Tour would welcome back is Messrs. DeChambeau, Rahm and Smith, in that order.  Messrs. Rahm and Smith indicated on Tuesday they are focused on LIV Golf for this year. “I’m not planning on going anywhere,” Mr. Rahm said.

If Mr. DeChambeau gets the power and money he wants, he could stay with LIV and be the biggest fish in a small pond with creative freedom and a leadership role in shaping golf’s alternative future.

LIV changed from 54 holes to the traditional 72 holes this year to help its application for World Golf Rankings. But the league has not caught on in the United States and suffers from a lack of historically significant tournaments.

Mr. DeChambeau remains eligible for all major championships based on winning the 2024 U.S. Open, but playing against elite competition more regularly would be more prestigious.

Despite the PGA Tour’s February deadline, Mr. DeChambeau doesn’t appear to be in a rush to make a decision. “We have to get to a place where both parties have a good understanding of one another,” he said of his talks with LIV.  He added, “I don’t really have much say, to be honest with you. Which is funny, but it is what it is right? And you know, I sometimes wish I had more say, but that’s life, and I don’t run the organization. I trust them to do that.”

Sometime in the future after pondering money vs. meaning, and power vs. tradition, Mr. DeChambeau will soon decide not only his own future, but perhaps the fate of LIV Golf itself.