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AUGUSTA, Ga.—The second day of the Masters began with a question that would have been difficult to fathom just 24 hours earlier: Is Charley Hoffman, little-known journeyman, really going to run away with this tournament? The answer was clear by lunchtime Friday, and it was a resounding no.

Hoffman, the unlikely first-round leader, petered out with a 3-over-par 75 in the second round. Up from behind him came an eclectic parade of…