The Father/Son Challenge is a two-day event and combines members of the Senior or PGA Tour with their sons. Play is contested in a scramble format where both players hit from the same location after teeing off. The team takes the best positioning and shortest putts.
Raymond hit a five-iron approach shot at the first playoff hole, the 451-yard 18th. The ball landed about 12 feet from the hole where Raymond sank the putt for the victory.
This is the fourth victory in this event for the elder Floyd. He captured this title three years in a row from 1995-1997 with his son Ray, Jr.
The Floyds started Sunday's final round three behind the Nelson father-son combination and posted a 12-under 60 on Sunday. They started quickly with five birdies in their first six holes. The Floyds parred the remaining holes on the front nine for a 5-under 31.
The Floyds started strong with two birdies from inside of 10 feet at 11 and 12. They parred the 181-yard 13th but then went on a birdie tear.
The twosome combined for five birdies in a row starting at number-14. At the par-5 14th, Robert chipped to two feet for the tap-in birdie. Robert then drained a 25-footer at number-15 to get to 19-under.
The Floyds had an opportunity to win outright but could only manage a par on the final hole of regulation.
This pair lost on the third playoff hole last year to the Nicklaus family.
'I was focused on the last few holes, especially the playoff hole,' said Raymond, who with Robert collected $150,000 for the win. 'Last year we flat got beat. This year, we left some stuff out there and still won.'
The Millers, Johnny and Scott, combined for a 13-under 59 on Sunday. The two made six birdies on the front nine for a 30.
On the back, the twosome birdied the first three holes but made eagle at the par-5 13th. The Miller family made their only back-nine par at 14 before making two more birdies at 15 and 16.
The Millers carded a rare bogey at the short 298-yard 17th. They made a birdie at the closing hole, taking the brief lead before the Floyds matched them in the group behind.
'The Floyds made a great birdie after we parred the playoff hole,' said Johnny Miller. 'Scott may have earned another trip back with his performance.'
Dave and Ron Stockton tied with Bob and David Charles for third at 20-under 124.
The Nelsons carded a 6-under 66 on Sunday to join the Nicklaus family of Jack and Jack II and Craig and Kevin Stadler at minus-19.
Jerry and Wesley Pate finished alone in eighth at 18-under while Gary and Wayne Player were a shot further in ninth. Hubert and Myatt Green were 16-under and Hale and Steve Irwin were one behind at 15-under-par.
The Kite family and Watson family tied for 12th at minus-14.
Tom and Eric Weiskopf and Billy and Bobby Casper were a joint 14th at 13-under 131. Lee and Rick Trevino finished last at 11-under 133.