Watney's second win on Tour jumped him up 108 places this week and got him an invitation to this year's Masters.
Tiger Woods, who welcomed his second child on Sunday, remained in first and his return to action after knee surgery appears imminent.
Sergio Garcia is second, followed by reigning British Open and PGA Championship winner Padraig Harrington. Vijay Singh, who is scheduled to return this week at Pebble Beach after a small surgical procedure on his knee, moved up to fourth, while Phil Mickelson fell to No. 5.
Henrik Stenson, Robert Karlsson and Geoff Ogilvy all held their rankings from last week. Camilo Villegas, who shared third place at Torrey Pines, rose two to ninth, while FBR Open winner Kenny Perry sank one to 10th.
Anthony Kim dipped one to No. 11, but Lee Westwood, Ernie Els and Jim Furyk all stayed in their spots. Rory McIlroy and Justin Rose switched spots this week with McIlroy 15th and Rose in 16th.
Adam Scott and Steve Stricker remained in 17th and 18th, respectively. Germany's Martin Kaymer climbed into the top 20 at 19th and K.J. Choi held on to the 20th position.