Nearly every PGA Tour Champions event does not have a cut after two rounds, or 36 holes. That's the case for two reasons. First, the fields are typically 78 players, so what's the point of cutting down? Second, the events are mostly 54-hole affairs, meaning the events are setup to be a go-low shootout where there is room for fluidity on the leaderboard.
The only events on the PGA Tour Champions to have a cut are three of its five major championships. The Regions Tradition and the Constellation Senior Players Championship both have 78-player fields and do not have a cut. The US Senior Open, Senior British Open Championship and Senior PGA Championship do have 36-hole cuts.
All players are paid according to the PGA Tour Champions purse distribution guidance, save for the major championships where there is a cut and the Charles Schwab Cup playoff events.
The three events in the Charles Schwab Cup playoffs have 72 players, 54 players and 36 players, respectively, but all do not have a cut.