Arnold Palmer (Stats | Bio) will compete in his 50th and final Masters Tournament, and his rival and friend Jack Nicklaus (Stats | Bio) will be there to say goodbye.

Whether 2004 will be Nicklaus' final Masters start remains to be seen.

Nicklaus, 64, is 10 years younger than Palmer but only six career Masters starts behind him. The six-time winner is competing in his 44th Masters since his debut in 1959, having missed in 1999 and 2002 because of injuries.

But unlike Palmer, Nicklaus isn't very comfortable being a ceremonial player content with soaking up the adulation of friends and fans no matter what he does on the course.

"When I go play golf, my expectations are a little different," he said recently. "My expectations are going to be to go to Augusta ... and walk down the 18th fairway on Sunday with a chance to win the golf tournament. Those are always my expectations. If those expectations are not realistic, then why am I doing it?"

Nicklaus knows, however, that those expectations are no longer realistic. The last time he reasonably competed to win the Masters was in 1998, when, at age 58, he made a front-nine charge into contention on Sunday before settling for an impressive tie for sixth.

After hip-replacement surgery cost him a Masters start in 1999, Nicklaus made the cut again in 2000 at age 60. But he's missed the past two cuts and no longer has the length to overpower a brawnier Augusta National Golf Club course. He shot 85 in the first round last year - the second highest score of the day and two shots worse than Palmer - before firing a respectable 77 in the second round.

With a host of other professional interests, including his course design business, Nicklaus talks increasingly about retiring from competitive golf. But much like Palmer, he hasn't reached the stage where he's willing to pull the plug.

"Nobody would ever want to admit that their time is over," he said recently. "We all like to think that we can do more than we can. But, realistically, I know that my time is past, and it has been past for quite a while.

"I'm hoping to be part of the game, and if I somewhat compete for my age and enjoy it, then I'll play a little bit. But if I can't, then I'd much rather try to catch that trout that's hiding behind that rock."

Nicklaus played in a Champions Tour event on the West Coast in March to test his game before Augusta. He didn't necessarily like his play in that event, but he liked it enough to commit to the Masters.

"More than likely I will play," Nicklaus said after shooting 71-70-69 and finishing 36th in the Toshiba Senior Classic in Newport Beach, Calif., two weeks ago.

"I came here with the attitude that, unless something disastrous happened, I was probably going to decide to play, and I probably will now.

"I did a lot of good things and I did a lot of bad things, and enough of it was good that it gave me a positive feeling. I can't imagine not playing (in the Masters) at this point unless I hurt myself or something."

As hard as it is to imagine a Masters without Palmer, it's even harder to fathom a Masters future without its greatest champion.

That day is coming, but not just yet.

Reach Scott Michaux at (706) 823-3219 or scott.michaux@augustachronicle.com.