The 1978 Tournament Players Championship was a golf tournament in Florida on the PGA Tour, held March 16–19 at Sawgrass Country Club in Ponte Vedra Beach, southeast of Jacksonville. The fifth Tournament Players Championship, it was the second at Sawgrass and Jack Nicklaus won his third TPC title at 289 (+1), one stroke ahead of runner-up Lou Graham. Both shot 75 (+3) in the windy final round and Nicklaus went without a birdie. Defending champion Mark Hayes finished eleven strokes back, in a tie for 28th place.