Price also earned his second title at the Colonial, the first coming in 1994 when he was the top-ranked golfer in the world.
Tiger Woods, who bested Colin Montgomerie on the third hole of a sudden-death playoff to win the Deutsche Bank-SAP Open TPC of Europe for the third time in four years on Monday, held on to the No. 1 spot.
Phil Mickelson held on to the second spot followed by Ernie Els, Retief Goosen and Sergio Garcia.
David Toms, who finished tied for second at the Colonial, exchanged positions with David Duval to come in at No. 6. Duval, who missed the cut at the Colonial, dropped to seventh.
Vijay Singh stayed put at No. 8 followed by Price.
Padraig Harrington fell one spot to No. 10 followed by Chris DiMarco, who was bumped out of the top 10 to accommodate Price.
The next four players each dropped one position in the latest rankings. Davis Love III fell to 12th followed by Angel Cabrera, Rocco Mediate and Darren Clarke.
Kenny Perry, who finished in second alongside Toms at the Colonial, climbed 10 spots to come in at No. 16 while Mike Weir dropped two rungs to 17th.
Jose Maria Olazabal fell two places to 18th followed by Bernhard Langer and Scott Verplank, who each dropped two spots to come in at 19 and 20, respectively.
Bob Estes, who led after the opening round of the Colonial, fell two positions to come in at 22nd. Jim Furyk was also bounced out of the top 20, falling four spots to 23rd.