Michael “The Grinder” Mizrachi of Miami became the first two-time winner of the $50,000 buy-in Poker Players Championship on Thursday night at the Rio in the World Series of Poker, dominating the field to earn $1.45 million.

Mizrachi, 31, who won the event in 2010, collected his third career World Series of Poker individual event championship bracelet, and ran his career earnings at the tournament to almost $7 million over 29 in-the-money finishes.

The event, considered the tournament’s second-most coveted title after the Main Event, drew a field of 108 competitors. Mizrachi became the first person to have his name engraved twice on the Chip Reese Trophy, named for the late winner of the inaugural event in 2006.

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I like to tell any newbie interested in working the WSOP that the key is simply to show up. As for how to survive the WSOP, on certain days the key is to not show up. One of these days, both Pauly and Benjo will get it. Until then, they’re both consistently hanging around the action, to keep me you within earshot of all that is important going down. You’ll also see why, all things considered, I’m clearly getting the best of any three-way deals.

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Episode 10: Even-Days Dan (w Benjo)

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Rare Michalski sighting at the WSOP, so Benjo and Pauly ambush Dan the moment that he steps into the press box. Benjo gets compliments for filling in during for Michalski during the important 50K final table. He also reveals how you certain qualified people can win a piece of Pokerati.com.

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Episode 11: Laser Show Promotions (w Benjo)

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After two years of cameos and being a special guest, Benjo finally convinces Michalski and Pauly to give him his own key to the castle. Well, not exactly to the entire castle, just a couple of rooms. In this episode, we discuss Benjo’s new and lucrative deal as a partner in Tao of Pokerati, Inc.

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You can catch up with any and all old episodes you mighta missed in the complete show archives here.

For most of us, $50,000 is a whole lot of money. It’s a year’s salary. A new car. A down payment on a new house. Our savings.

For others, however, $50K is pocket money — a single pot in a $200/$400 game or a roll of the dice on the craps table. It’s also the cost of entry into the first marquee event of the 2010 WSOP, the $50,000 Poker Player’s Championship.

Over its short life, this tournament has undergone a variety of changes as it tries to cement its identity in the poker world. Starting out as the $50,000 HORSE event in 2006, the tournament quickly gained a reputation as the true players championship because of its hefty buy-in and mixed-game format. In that first year, 143 players ponied up $50K each for a shot at the title and the chance to play mixed games on ESPN.

The poker economy isn’t what it used to be. Players who wouldn’t have thought twice about dropping $50K two years ago are now looking at the cost of entry the same way many of us look at $1,500, $2,500 or $5,000 events.

Poor ratings forced a format change in 2007 and 2008, however, when ESPN agreed to broadcast the event only if the final tables were all No-Limit Hold ’em — a game that’s much easier for the general viewing audience to follow. The change didn’t do much to affect the number of entrants, as 148 players registered for the tournament in both 2007 and 2008.

ESPN dropped the $50K HORSE event completely in 2009 and, it can be argued that the lack of potential TV time, combined with the beginning of the economic crisis, had a significant impact on the field as just 95 players competed in the event last year. Now, however, the $50K HORSE event is back on the air – renamed as the the $50,000 Player’s Championship and featuring an eight-game mix along with a TV-friendly NLH-only final table. Michael “the Grinder” Mizrachi took down the $1.5 million bracelet last night in what had to be good-for-TV fashion – with his brother and other well-known pros falling by the wayside before he ended up mano-y-mano against an interesting Russian high-roller.

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Wow, Benjo and Pauly had a long night, watching The Grinder duke it out heads-up with the Russian pot-limit Stud stud, Vladimir Schmelev. I wasn’t there, natch, but I’m pretty sure it was the age-old story of Eastern whale vs. Western degen.

Either way, that’s why I’m so happy to have Pauly and Benjo there to clue me in on how whatever they show on ESPN really shook down … as well as hear Benjo talk about “the Greender” even before he was “the brasslet wiener”.

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Episode 9: Never-ending Night

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Michalski is AWOL for one of the biggest nights of the year with the 50K Player’s Championship. Not to fear, Benjo returns with another cameo. During one of the breaks of the 50K, Benjo and Pauly discuss circumstances surrounding the first never-ending day of the WSOP.

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Gotta love Benjo and Pauly for keeping me (and therefore you) updated not just on results … but more so with what’s really happening on the Amazon floor as the first of three televised events — the $50k Players Championship — gets down to the final table.

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Episode 8: 50k Agent Mix

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Pauly and TOP’s ready stand-in Benjo describe events on the rail in the closing moments of the final table bubble for the 50K Players Championship. They also spy on a potential endorsement deal being negotiated in the far corner of the Amazon Ballroom

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Here, btw, are the final table players in the $50k (8-Game) Mix, from PokerNews:

Seat 1: David “Bakes” Baker – 3,095,000
Seat 2: Mikael Thuritz – 2,300,000
Seat 3: Vladimir Schmelev – 1,925,000
Seat 4: John Juanda – 2,620,000
Seat 5: Daniel Alaei – 1,705,000
Seat 6: Michael Mizrachi – 2,620,000
Seat 7: David Oppenheim – 460,000
Seat 8: Robert Mizrachi – 3,125,000

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