Lexi Thompson entered the 2025 KPMG Women’s PGA Championship clinging to hope, form, and a carefully managed schedule. At 30, she’s become a veteran in a field that once saw her as the future. The 11-time LPGA winner and 2014 major champion has spent this season toeing the line between part-time competitor and perennial contender, grappling with outside noise about her so-called “retirement” and the internal grind of elite golf.

Her 2025 season has seen flashes of brilliance—a T14 at the Chevron Championship, a strong start at the Founders Cup—but inconsistency remains. Entering this week at Fields Ranch East, she was far from the betting favorite. Yet after three rounds, Thompson has put herself in the mix, tied for third place at +1, just behind Jeeno Thitikul (-2) and leader Minjee Lee (-6). But Saturday’s third round showed the volatility that’s become a hallmark of Thompson’s recent performances: an opening-hole disaster, salvaged only by sheer grit.

The podcast crew from No Laying Up broke it down on their “Live from the Killhouse” show, where the conversation turned pointed, emotional, and revealing. Hosts Randy, Jordan Perez, Tron Carter, and Cody McBride offered up one of the more blunt assessments of Thompson’s career crossroads. Perez opened the floor hesitantly, acknowledging that Thompson’s round was chaotic but oddly impressive. Her triple-bogey on the opening hole, caused by a cold-topped second shot and a shanked third into a penalty area, could have triggered a total collapse. Perez noted: “Like, she could totally eject herself tomorrow. I think that would be a circumstance in which she would. I don’t think she would quite recover the same as she did today, and that was impressive.”

Cody McBride was more direct in his praise: “I thought she battled her a** off.” Thompson managed to shoot 75 despite being four over through two holes. She followed the triple with a bogey at the second, but clawed her way back with birdies at the ninth and fifteenth, steadying the scorecard down the stretch. Randy was astonished at her resilience: “She made so many par putts that I was, like—I was flabbergasted. She was rolling in some of those par putts.” But his tone shifted when discussing Sunday’s prospects. “I also have no confidence at all—you know, if Minjee spits the bit and this truly becomes a wide-open race tomorrow—let me be the first to say, I have no confidence at all that those par putts are going to fall tomorrow for Lexi.”

It wasn’t meant to diminish her Saturday fight—it was a sober read on her ability to string four rounds together under major championship pressure. Randy also took a moment to shut down lingering misinformation: “She’s not retired. Don’t say she’s retired.” That clarification tracks with Thompson’s own words throughout 2025. Despite walking away from a full-time schedule, she’s stated repeatedly that this isn’t a farewell tour. “I never said I was retiring,” she told reporters earlier this season. “I just said I was stepping back.” Her selective schedule is part of a broader life shift, not a signal she’s done. Whether she’s easing into a new chapter or gearing up for one last charge, the leaderboard suggests time, and the margin is running thin.

Leaderboard shakeup and a narrow window

As of Saturday night, the 2025 KPMG Women’s PGA Championship leaderboard has narrowed into a three-woman battle with major consequences. Minjee Lee leads at –6, following rounds of 69-70-71. Jeeno Thitikul sits solo second at –2 after steady play across all three rounds. And then there’s Thompson—lurking at +1 alongside a small pack that includes Ayaka Furue and Linn Grant.

Thompson’s Saturday round was a case study in recovery: a front-nine spiral reversed into back-nine containment. The triple on No. 1 and bogey on No. 2 nearly derailed her day before she salvaged the round with two birdies and several momentum-saving par saves. Still, her 75 (+3) moved her from –2 back to +1 for the championship.

The challenge on Sunday is steep. With Lee showing no signs of faltering and Thitikul controlling her game well, Thompson will need an early charge and mistake-free golf—something she hasn’t delivered since Round 2. The mental toll of fighting through bad starts, combined with a part-time playing rhythm, adds doubt to her ability to contend across four rounds.

Yet, she’s here. Tied for third. With a chance. And while the No Laying Up crew may not bet on those par putts dropping tomorrow, Thompson’s mere presence in contention—after a triple, after a shank, after a season of selective starts—says plenty about her competitive fire.