After each Niemann and Gooch finished 3-under-par 67 on Sunday and 12-under-par 268 for the tournament, the former sent an approach from 150 yards out to within six feet of the cup on the 18th hole at Asiad Country Club.
The 27-year-old Chilean sank the ensuing birdie putt, notching his first individual win in 2026 after winning five titles in 2025.
Aussie star Smith was tied joint-fourth on Saturday evening and poised to challenge for a fourth LIV Golf title, sitting two shots behind the joint leaders heading in the final round after carding a steady two-under 68 third round.
But the Brisbane player's charge never came on the final day as he carded a three-over round of 73, including a double bogey at the par three sixth to finish tied 16th.
Smith's all-Australian Ripper team-mates fared better with Marc Leishman and Lucas Herbert posting final rounds of 68 and 67 respectively, joining fellow Aussie Travis Smyth on tied eight, whose Crushers team retained their title.
"I feel like the (this) one is the best. I feel like it's going to be always like that. So yeah, just keeps getting better and better," Niemann said after capturing his record eighth LIV Golf title.
"The feeling is great, and I'm just happy. I feel like -- I don't know, like making it so easy last year, I feel like I just look back to 2025, and it was so easy to win. It just happened."
Niemann made four birdies against one bogey on Sunday, however Gooch sank a 28-foot birdie putt on the 16th hole to pull even.
Gooch, the second-round leader, was unable to overcome Niemann's near-perfect approach in the playoff, however.
"Yeah, it's frustrating when you have a chance to win," Gooch said. "That doesn't come too often in this game so you want to capitalize on it. Happy with where the game is at and where it's going."
Just as Niemann is no stranger to winning individual titles, Smyth's Crushers GC successfully defended their title from last year and captured a 10th regular- season team championship by finishing a collective 23-under par. They ended up three strokes ahead of second-place OKGC, Gooch's team.
"Just grateful, super grateful that I've got amazing guys, an amazing team," said captain Bryson DeChambeau, who shot a 65 on Sunday to finish 11-under for the tournament -- one stroke off the leaders and alone in third.
"We all click in different ways, but we all work to make our team the best out here."
Dustin Johnson (66 on Sunday), who secured Saturday's low round with a 64, overcame an illness to play bogey-free golf over his final 40 holes, finishing in fourth place at 10 under.
"I barely made it through Thursday and Friday. It was everything I could do just to finish the rounds Thursday and Friday," Johnson said. "Then felt a little better yesterday and a little bit better today."
It was the best individual result of the season for Johnson.
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