With Campbell watching from the clubhouse, the 48-year-old Perry was poised to become the oldest major champion in golf history until he missed a 15-footer to save par at No. 18. Cabrera then sank a short par putt, leaving all three players tied at 12-under 276.
It was the first three-way playoff at Augusta National since 1987, when Larry Mize beat Greg Norman and Seve Ballesteros.
The playoff took center stage after a thrilling duel between Tiger Woods and Phil Mickelson ended with a thud.