Love came from behind thanks to a final-round 8-under 64 on Sunday to win The Players Championship at the TPC at Sawgrass. Love finished at 17-under-par 271, six shots clear of third-round co-leaders Padraig Harrington and Jay Haas.
This was Love's second Players Championship title. He also claimed the crown in 1992.
Tiger Woods, who had an up-and-down final round at The Players Championship and finished 11th, remained firmly entrenched as the No. 1 player in the world. Woods has now been the top-ranked player in the world for 189 consecutive weeks and 259 weeks overall.
Els, who withdrew before The Players Championship because of a wrist injury, remained No. 2 behind Woods.
Love moved up from No. 7 to No. 3 with the victory at The Players Championship. Phil Mickelson, who missed The Players after the birth of his third child, slipped one spot to No. 4.
David Toms, who missed the cut at The Players Championship, remained in the fifth slot. Vijay Singh, who also missed the cut, fell two spots to sixth, while Retief Goosen dropped one space to seventh.
Harrington moved up two notches to eighth, thanks to his second-place finish at The Players Championship. Weir slipped one space to ninth, while Jim Furyk moved up one slot to No. 10.
Sergio Garcia, who also missed the cut at The Players Championship, fell two spots to 11th. Chris DiMarco, Justin Leonard, Nick Price and Scott Hoch stayed put in the 12th through 15th positions.
Charles Howell III climbed one spot to No. 16, while Robert Allenby jumped five spaces to No. 17. Rocco Mediate and Jerry Kelly remained in the 18th and 19th positions.
Colin Montgomerie slid four spaces to No. 20 in the world after missing the cut at The Players Championship.
The Players Championship was the last tournament players could use to qualify for next week's Masters tournament. Kirk Triplett, who finished eighth this week, moved up 10 spaces to No. 49, giving him a spot in The Masters.
Also qualifying for the Masters through the World Rankings are John Huston (No. 39), Tom Lehman (No. 44), and Tim Clark (No. 45).
Jay Haas and Chad Campbell qualified for The Masters by moving into the top 10 on the PGA Tour money list after The Players Championship.