Britain and Europe's remaining players experienced mixed fortunes in an eventful final round in Augusta.
Olazabal was the only European to really challenge on the back nine
Spain's Jose Maria Olazabal finished as the leading European with a share of eighth place after a steady round of 72.
Olazabal, a two-time Masters winner, was paired with defending champion Tiger Woods but outscored his partner by three strokes.
The 37-year-old started with eight pars before bogeying the ninth. A superb long-range putt at the 10th raised hopes of a late European charge, but a bogey at the 13th put paid to his title chances.
HOW THE EUROPEANS FARED
J Olazabal (Spa) Even Tied 8
P Lawrie (Sco) +2 Tied 15
D Clarke (NIrl) +6 Tied 28
S Garcia (Spa) +6 Tied 28
N Faldo (Eng) +7 Tied 33
J Rose (Eng) +9 Tied 39
Scotland's Paul Lawrie headed the British challenge with a final round of 73 for two-over and a share of 15th place.
The former British Open champion made the cut for the first time in three attempts and a typically consistent round will see him return to Augusta next year.
Northern Ireland's Darren Clarke held the lead for most of the opening two rounds, but his form tailed off and he had to settle for a share of 28th position.
Clarke's inconsistent final round of 74 contained five bogeys, including three in a row after the turn, and three birdies.
Justin Rose's hopes of the top 16 finish which would have earned him an automatic invite to next year's event vanished after another round of inconsistent putting.
The 22-year-old finished with a round of 77 - his worst of the week - to leave him tied for 39th place, but he can leave Augusta reasonably satisfied with his performance.
Faldo performed with commendable consistency
Spain's Sergio Garcia intermittently sparkled on his way around the course, but his remodelled swing failed to stand up to the pressure of the occasion.
Garcia made 13 birdies over the four rounds - but spoiled his card with 15 bogeys and two double bogeys.
Two-time Masters champion Nick Faldo could not repeat the feat, but will take heart from a final round of 73 with two birdies.