Mickelson had four bogeys, two birdies and an eagle in his round

Phil Mickelson eagled the 16th to maintain a one-shot lead after two rounds of the Players' Championship.

Mickelson dropped three shots on his outward nine to fall behind Australian Nathan Green before his late fireworks moved him back into the lead.

Australians Peter Lonard and Rod Pampling share third with Sean O'Hair and Sweden's Carl Petterson.

It was another disappointing day for Tiger Woods, whose one-over-par 73 leaves him nine shots off the lead.

Woods came perilously close to the cut but survived, though still faces a huge task to make an impression over the weekend.

"I've left so many putts short and others have dived across the front of the hole because they didn't have enough speed," said Woods.

"They're so slow, the greens, it's hard to make yourself hit the putts that hard.

"You remember some of the putts being so fast and running out. They don't do that anymore."

I think that double digits under par is probably going to end up winning Phil Mickelson

There were few low scores on a tough, windy day at Sawgrass and Mickelson may well have been satisfied with his level-par round.

He still had some work after eagling the 16th - first parring the treacherous island hole 17th, and then producing a fine chip from the edge of the green on 18 after he had found the rough off the tee.

"It gives me confidence heading into the weekend but I need to strike the ball better," said Mickelson after his round.

And with the prospect of lighter winds over the weekend, he added: "I think that double digits under par is probably going to end up winning."

One player who found no trouble with the wind was Spain's Jose Maria Olazabal.

He moved up the leaderboard with a superb 66, which included a spell of four straight birdies.

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The Spaniard was in danger of missing the cut after beginning his second round with a bogey but added eight birdies to lie on level par.

Only two British players made the cut, with Ian Poulter (71) and Luke Donald (72) equal 38th while Ireland's Padraig Harrington (70) stayed in contention seven strokes off the lead.

Brian Davis, who had led the British contingent after the opening day, had a disastrous 80 to miss the cut on seven over.

Also missing out on the weekend rounds are Ryder Cup team-mates Colin Montgomerie, whose 74 left him on six over, and Paul Casey who had a six-over 78 to finish on 10 over.