American Austin returns to Mississippi to defend his crown after winning the PGA Tour event via a play-off at the Annandale Golf Club in 2013.
The 50-year-old birdied the first additional hole to beat countrymen Cameron Beckman and Daniel Summerhays - who both return to go one step better this time around - for his fourth Tour title.
However, Austin - who missed the cut at the Shriners Hospitals for Children Open last month - will have to familiarise himself with new surroundings after the tournament was moved to the Country Club of Jackson.
The Sanderson Farm Championship, which is being held in November instead of July, ended its 20-year association with Annandale in a bid to raise more money for the Friends of Children's Hospital - the tournament's main beneficiary.
With the WGC-HSBC Champions, which features the top 50 players, taking place in China this week, the Farm Championship is minus a couple of high-profile names.
Shriners Hospitals for Children Open champion Ben Martin is the highest-ranked golfer in the field at 57.
Veteran three-time major winner and Irishman Padraig Harrington will take part in the $4million tournament.
Robert Streb - winner of the McGladrey Classic last month - is also in the field, as well as Charles Howell III, William McGirt, Bo Van Pelt and Nick Watney.
2013 Australian amateur champion Cameron Smith earned an invitation to Mississippi after finishing in a tie for fifth at the CIMB Classic in Kuala Lumpur.
The 21-year-old, who is fourth in the 2014 Asian tour of Merit, became the first player since Chris Wood in 2008 to finish in the top 10 in his PGA Tour debut.