The Pro Football Hall of Famer finished strong by winning the short-iron event, and he and Natalie Gulbis won the Golf Skills Challenge at the Fairmont Turnberry Isle Resort and Club.
Elway and Gulbis split the $310,000 grand prize. Dan Marino and Bubba Watson finished second to win $210,000.
Roger Clemens and Greg Norman placed third ($155,000), followed by Jerry Rice and Peter Jacobsen in fourth ($125,000).
Gulbis, who captured her first LPGA tour victory this year at the Evian Masters, won the pitch-over-hazard, trouble-shot and chip-shot competitions. She was the lone woman in the eight-player field.
Elway secured the win for his team when he sent his third shot to within 3 feet, 7 inches of the cup on the 18th hole.
'Natalie played so well early,' Elway said. 'Knowing that you have that backup behind you makes it a little bit easier when you're up there.'
Gulbis put her team in great position early when she sent a shot across the water and within 4 feet, 8 inches in the trouble-shot event. She then holed her first attempt in the chip-shot competition.
'Being the only girl, there's a little bit of extra pressure.'
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