Cameron Smith has vowed to return to Augusta National next year and atone for a heartbreaking collapse which handed final group partner Scottie Scheffler a maiden Masters victory.

Smith sent roars through the enormous crowds at Augusta National and through Australian living rooms when he birdied the first two holes to reduce his deficit to one, giving hope he could become the nation’s second Masters champion alongside Adam Scott.

But Scheffler showed the grit that has been the trademark of his meteoric rise to world No.1. After a poor tee shot and second shot at the par-4 third, Scheffler produced a miraculous chip-in for birdie that will go down in Masters history. From there, he cruised to a green jacket victory by three shots over Rory McIlroy. Scheffler has now claimed four PGA Tour wins in six starts.

Scheffler four-putted the final hole for a double-bogey 6 but it mattered little as his 71 elevated him to a 10-under-par total. McIlroy came from the clouds and holed a bunker shot on 18 to shoot 64, which equalled the lowest ever final round in Masters history.

Smith’s consolation – apart from an $US870,000 ($A1.1 million) Masters paycheque – is he rises one spot on the rankings to world No.5. The 28-year-old was devastated speaking to reporters after a 73 dropped him to a tie for third at five under alongside former Open Championship winner Shane Lowry (69).

The Queenslander held his head and mullet up high by declaring he would be back. “I love this place; I’ll be back here next year and I’ll try to put up another one,” Smith said.

Smith’s caddie, New Zealander Sam Pinfold, also promised his boss would one day don Augusta’s green jacket. “I’m just so proud of him for hanging in there; it wasn’t his day but we’ll be back and he’ll win one of these,” Pinfold told Australian Golf Digest.

It is Smith’s third top-five finish at the Masters and fourth top-10. He remains the only golfer in Masters history to shoot four rounds in the 60s, which he did during his runner-up finish to Dustin Johnson in 2020.

“I feel like I’ve played some of my best golf around here,” Smith said. “It’s quite frustrating to not walk away with a win yet, but on the same token, I look forward to the challenge of coming back here next year and trying to do it again.”

Smith exploded out of the gates on a beautiful Sunday at Augusta, making birdie on the par-4 first and par-5 fifth against Scheffler’s two pars to reduce Scheffler’s three-shot overnight lead to just one.

But everything changed on the third.

Both players had pitch shots for their third, but Scheffler’s bump-and-run birdie preceded Smith’s bogey. Two-shot swing back to Scheffler. “It was definitely not a shot I expected to see go in,” Scheffler said. “I wouldn’t say changed the complexion of the day, but it definitely got things rolling for me.”

Then Smith bogeyed the fourth hole. Once the final pair reached the back nine, Smith offered a window of hope with a birdie at the 11th to restore his deficit to three shots.

Then when Augusta National’s famous par-3 12th ambushed Smith.

He flared his tee shot into Rae’s Creek and compounded the mistake with a poor wedge shot after a drop en route to a triple-bogey 6. “(Tee shot) was just a really bad swing at the wrong time,” Smith lamented. “It was actually a really good number. It was a really nice 9-iron. I wasn’t even trying to go near that pin.”

A bogey at the 14th sealed Smith’s fate, but in true fashion Smith, the recent Players Championship winner, dug deep and played his last four holes in two under to salvage some pride.

Four-time Major winner McIlroy didn’t get the Masters win he needs to complete the career grand slam, but his second place is his best Masters finish. “It’s what you dream about, right? ” McIlroy said. “This tournament never ceases to amaze me. That (holed bunker shot on 18) is as happy as I’ve ever been on a golf course. I’ve never heard roars like on the 18th green.”

Scheffler donned the famous green jacket.

Two-time Major winner Collin Morikawa, playing with McIlroy, holed his greenside bunker shot on 18 moments after McIlroy to shoot 67 and earn solo fifth.

Meanwhile, Australia’s Min Woo Lee posted a 70 – which featured a front nine of 30 – to improve his tournament total to two over. Marc Leishman (74) was five over, Cam Davis (73) was 12 over while Scott (74) was 14 over.