The darts legend was the favourite to win the inaugural tournament.
However, he did not play at his very best and was dumped out at the quarter-final stage, losing 3-0 to old rival Kevin Painter.
Robert Thornton went on to lift the trophy on Sunday evening.
While Taylor did not play to the standard expected of him, it doesn’t change the fact that Taylor is the greatest player to have ever played the sport.
The 61-year-old won the World Championship 16 times during his professional career, a tally which will likely never be beaten.
He showed his greatness when the world’s best players were challenged to hit the bullseye blindfolded in 2015.
Betway gave the 10 players in the Premier League that year (Michael van Gerwen, Phil Taylor, Gary Anderson, Adrian Lewis, Peter Wright, James Wade, Dave Chisnall, Kim Huybrechts, Raymond van Barneveld and Stephen Bunting) one chance to hit the bullseye blindfolded.
The vast majority of them struggled. Wade and Bunting even missed the board completely.
But then Taylor stepped up and, in typical Taylor fashion, he nailed it. Watch the 10 players’ attempts below… (View Taylor’s attempt at 0:26).
Typical Taylor. He made it look easy, as he has done over the past three decades with a dart in his hand.
Taylor has vowed to put on a better performance when he’s next in action on the World Senior Darts tour.
“I’m not the player I was, I’m still 16-time World Champion but to be honest, I’ve got the right hump because I’ve embarrassed myself in front of people who have paid good money to see me and the only thing I can promise is you will not see me play like that again,” Taylor told Online Darts, per Darts News.
“It was the first time that I was on stage and I was sweating, I was red hot. I was throwing some lovely darts and then getting big ones after that. I’m not doing that again. If I don’t put it right, I’ll retire fully.”
“I’ve got a few months now so I’ll be ready for that one. Whoever supports me, whoever gambles on me, I’ll be ready.”