Mickelson, winner of 42 career PGA Tour events including five majors, will be joined at Silverado by 12-time PGA Tour winner Zach Johnson as well as Emiliano Grillo and Adam Hadwin, who also played in the Presidents Cup.
"I'm really excited to play because I have been playing well," the 47-year-old Mickelson said.
"I am excited to get back into competition. I am going to have a good chance."
"My game is back to where I've been wanting it to be, and I have an opportunity to start the new season with a little bit of momentum," said Mickelson, who opened last season with an eighth-place finish in the Safeway Open, shooting four rounds in the 60s.
"It's a fun, strategic golf course and there are multiple ways to play it. So when you feel well, you take a little bit more aggressive lines off the tee."
"I think a lot of the guys struggle with the poa annua greens, which is a grass I grew up playing," he said.
"I am very comfortable on the greens. If you grew up in Florida on Bermuda grass, this is a very awkward surface to putt on. The color is different and it's sometimes hard to read."
Johnson, playing in the event for the first time, is seeking his first PGA Tour win since the 2015 British Open.
"My game feels good and that's part of the reason I'm here," said Johnson, who had four top-10 finishes last season including second in the Bridgestone Invitational, a World Golf Championship.
Last year's winner, Brendan Steele, and well as fellow former champions Jonas Blixt (2012), Sangmoon Bae (2014) and Grillo (2015) also are in the field.
Steele birdied his last three holes to overcome a four- shot deficit for his second PGA Tour victory with a one-shot margin last year over Patton Kizzire.
Maverick McNeal, 21, the former world's top amateur and Stanford standout, is making his pro debut after eight amateur starts on the PGA Tour.
John Daly, a two-time major winner who last May claimed his first PGA Tour Champions title, also in the field on a sponsor exemption. Daly has missed the cut in his last 12 PGA Tour starts dating to March 2015.
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