Baddeley missed a 20-foot birdie try on the second playoff hole after Els drained an improbable 50-footer from the fringe for birdie.
Tiger Woods is still in first place as he continues to rehab his injured knee. Els, who moved to No. 2 last week for the first time since February of 2001, held on to the second spot again this week and closed the gap between himself and Woods.
Phil Mickelson, who will make his 2003 season debut this week at the Phoenix Open, is third this week, followed by Retief Goosen, David Toms and Sergio Garcia.
Vijay Singh held on to seventh and Irishman Padraig Harrington stayed in eighth. Chris DiMarco, who finished alone in third at the Sony Open and will defend his title this week at the Phoenix Open, moved up two spots to ninth, while Davis Love III dipped one to 10th.
Colin Montgomerie dropped one notch to 11th, followed by Jim Furyk, Nick Price and Rocco Mediate, who all held their spots from last week. Robert Allenby rose five rungs to 15th after a top-five finish in Hawaii.
Angel Cabrera remained in 16th while reigning PGA Champion Rich Beem climbed two places to 17th. Justin Leonard fell three to 18th and German Bernhard Langer moved down one to 19th. Michael Campbell jumped up two spots to return to the top-20.
David Duval, who was once ranked No. 1 in the world, slipped seven places to No. 24.