David Gossett, Geoff Ogilvy, Chris Riley and Hal Sutton shared third place at 12-under-par 272. Ernie Els, who held a two-stroke lead on the back nine, faltered late and finished in a tie for 10th at 10-under-par 274.
Love, who won here in 1987, 1991, 1992 and 1998, rolled in a three-footer on the fourth playoff hole, No. 18, for the victory. Austin two-putted for par before Love claimed victory.
Austin had two chances to win in the playoff. He struggled on the first hole as his drive found the hazard left of the fairway on No. 18. His second came up short, then he got up-and-down for bogey. Love missed the green short right and also had to settle for a bogey at his par putt slid by the cup.
On No. 16, the second playoff hole, Austin had a chance to win after Love missed the green. Love got up-and-down for par before Austin putted. Austin's putt from inside 10 feet missed the hole and it was on to No. 17.
There, both men missed the green at the par-3. Love was long left in a bunker while Austin missed the green long right, but Austin nearly holed his chip. Love missed his par putt, giving Austin a chance for the win. But Austin was unable to make the three-foot par save. The men then headed to the 18th for the third time on Sunday.
Both men found the fairway. Love, hitting first, almost holed his second shot. His ball hit the pin on a bounce and ended three feet from the hole. Austin also found the green, but his 15-footer rolled past the cup. He tapped in for par before Love sank his putt for the title.
Steve Flesch (69), Matt Gogel (68) and Tom Pernice, Jr. (68) shared seventh place at 11-under-par 273.