The four-man tournament will be held Saturday and Sunday at Wailea Resort. A total purse of $600,000 will be at stake. Each player will donate 10 percent of his winnings to charity - five percent to the David Thomas Foundation for Adoption and five percent to a charity of his choice. ABC will televise the action at 3 p.m. ET both days.
Nicklaus, Palmer and Trevino played last year with Hale Irwin. Watson replaces Irwin this year.
Last year, Trevino was up at 3 in the morning the first day, Saturday, practicing with a new putter inside his hotel room. He later switched to the new putter, made for him by Scotty Cameron, because he was putting so poorly with his old one.
That early morning practice on the 'bumpy carpet' paid off later in the day as Trevino won the Champions Skins Game, holing a 10-foot birdie putt on the third extra hole to finish with six skins and $240,000.
Trevino won the event for the first time in seven starts, earning $100,000 with his birdie on the par-4 17th. His best previous finish was second place in 1991.
'I don't play much anymore, but I practice a lot,' he said.
Irwin was second with $200,000, Nicklaus made $160,000 and Palmer failed to take a skin. Trevino made his winning putt on the third extra hole after Irwin missed a 25-footer.
Palmer was eliminated on the first extra hole, and Nicklaus dropped out on the second.