From the button, Allyn Jaffrey Shulman raised to one million. Phelps moved all in from the button for around 3.5 million and Dennis Phillips folded from the big blind. Shulman quickly called and turned over the . She was up against the for Phelps and he was the player at risk.
The flop came down and Shulman stayed in front. The turn brought the and the river the . Phelps' hand was second best and Shulman won the pot to eliminate him in third place.
For his finish, Phelps earned $270,727.