Jacobson defeated Carlos Rodiles in a four-hole playoff to jump up 22 places this week.
Tiger Woods remained in first place for the 221st consecutive week, followed by Vijay Singh, who finished second last week at the Chrysler Championship. Ernie Els is third, followed by Davis Love III and U.S. Open winner Jim Furyk.
Masters champion Mike Weir is once again sixth in the world, followed by 2001 PGA Champion David Toms. Retief Goosen visited the winner's circle in Tampa and moved up two places to No. 8.
Kenny Perry and Padraig Harrington each fell one place to round out the top-10.
Nick Price, Darren Clarke, Phil Mickelson, Stuart Appleby and Justin Leonard all held their rankings from last week. Robert Allenby came in 16th and Brad Faxon and K.J. Choi switched places from last week with the American coming in 17th and the Korean taking 18th.
Jacobson fell into the 19th slot and Paul Casey dipped one to 20th. Chris DiMarco dropped out of the top-20 to No. 23.