'This is a very special win,' said Tway, who pocketed $756,000 for the win. 'I've been coming to Canada for a long, long time. The reason is, is it's a National Open. We kind of think of this as a little more important than the rest of them, the other tour events.'
Tway shot a 4-under 66 on Sunday while Faxon posted a 67. The duo tied at 8-under-par 272 in regulation, then headed to the 18th hole at Hamilton Golf and Country Club.
Both players found the fairway at 18 but Faxon pulled his second shot 40 feet from the stick. Tway knocked his approach to 18 feet and it was up to Faxon, known as one of the top putters in the world, to lag his close. Faxon putted to tap-in range for par and Tway missed his, so it was on to No. 17 for the second extra hole.
Faxon drove into the right rough at the par-5 17th while Tway found the left rough from the tee. Faxon found a bunker short of the green while Tway had no alternative but to lay up short of the putting surface. Tway spun his approach to 20 feet but Faxon played an amazing bunker shot to five feet.
Tway missed his putt right and left himself with four feet for par. Faxon shockingly missed his birdie putt for the win and Tway converted his par to extend the playoff back to 18.
'It's a hard putt,' said Faxon. 'I'd love to go do it again. I thought it was going to break a little left and it never did.'
Faxon once again missed the fairway off the tee while Tway split the short grass. Tway hit his approach in a bunker on the right side and Faxon's errant tee shots finally caught up to him. Faxon hit a low hook that skimmed across the fairway and up 25 yards. He then hit a 6-iron through the green and Tway looked in good shape.
Faxon chipped to 12 feet and Tway blasted out to 10 feet. Faxon missed his bogey-saving putt and Tway lagged to the edge of the hole. Tway tapped in for bogey and his first title on the PGA Tour since the 1995 event in Hilton Head.
Tway also added his name to the long list of players over the age of 40 to earn victories in 2003. Tway, 44 and the winner of the 1986 PGA Championship, joined Vijay Singh, Fred Couples, Kenny Perry, Craig Stadler, Peter Jacobsen and Kirk Triplett as 40-and-over winners this season.
'At age 44, I don't feel that old, but I know it's been eight years and you don't get that many chances,' said Tway. 'So this is very, very special. We all keep working at it because I think we love the game.'
Faxon, 42, certainly had his chances for victory but gave all the credit to Tway.
'Hats off to Bob,' said Faxon. 'He played well on the 18th hole. It's a tough hole. If you don't get it in the fairway, it's very hard to get it on that green.'
Tway eagled the par-5 fourth hole and birdied No. 5 to get to 7-under for the championship. He matched Faxon in first with a birdie at the 17th when he chipped to three feet and at 18, Tway holed a 25-footer to save par and post the clubhouse lead.
Faxon birdied three holes in a row from the 13th to roll into first place.
Tom Pernice, Jr. had a chance to join the playoff but missed a 18-footer for par at the 72nd hole. He carded a final-round 68 and finished alone in third place at 7-under-par 273.
K.J. Choi (66) and overnight leader Hidemichi Tanaka (71) shared fourth place at 6-under-par 274. Singh and Fred Funk, who held the lead after an ace at the sixth hole, tied for sixth at minus-5.
Matt Gogel (67) and Loren Roberts (68) shared eighth place at minus-4, followed by Masters champion Mike Weir, who posted a final-round 69 to take 10th at 3-under-par 277.