'It was an unbelievable week, a long week,' said Quigley, who pocketed $247,500 for the victory. 'For a guy like me, to have this kind of success, it's really a dream come true.'
For the third time in 2005, the Champions Tour finished on Monday. Bad weather cancelled all play on Saturday and there were three delays on Sunday, so tournament officials reduced the event to 36 holes.
There was even a four-hour weather delay to start play on Monday.
Quigley (66) and Morgan (68) finished their second and final rounds on Sunday. Watson polished off his final round of six-under 66 on Monday to join Quigley and Morgan at 11-under-par 133.
Watson actually had a good chance to win in regulation, but his 25-foot birdie putt on the ninth hole, his 18th, hung on the edge. He took his 10 seconds to make sure the ball did not fall in like his putt at the U.S. Open two years ago. When it did not, the trio had to wait for a few groups to finish before heading to 18 to begin the playoff.
All three players found the fairway off the tee at the closing hole at the Nicklaus Golf Club at LionsGate. Quigley hit first and knocked a 6-iron 9 feet from the hole.
The other two struggled with their approaches. Watson came up 50 feet short of the flag with his second and Morgan's 8-iron came up short of the putting surface.
Morgan chipped his third 12 feet past the stick and Watson lagged his birdie try to a foot. He tapped in and Morgan converted his par save. Quigley had the putt to win the championship.
Quigley's birdie putt rolled in the center of the cup, giving him his second win of 2005 and his 10th since joining the Champions Tour in 1997.
'I trusted what I thought was the right yardage and it was probably the best shot I hit all week,' said Quigley. 'Obviously, it was the best putt I hit all week.'
Quigley defeated Watson earlier this season in a playoff at the MasterCard Championship. He also bested Watson at this event five years ago when he sank a 12-foot putt to avoid a playoff.
Quigley, the tour's leading money winner before this week, lost in a playoff last month at the Senior PGA Championship.
Jerry Pate fired a 7-under 65 and took fourth at 10-under-par 135. Dan Pohl shot a 4-under 68 in the final round and he came in fifth at minus-9.
Jim Thorpe (67), Jim Ahern (70), Gary McCord (69), James Mason (68) and D.A. Weibring (68) tied for sixth place at 8-under-par 136.
Allen Doyle, who won last year in a weather-shortened tournament, tied for 28th place at 4-under-par 140.