I agree with you, the five players was a bad example but I do see a regular 5 ball being played at my club.
Theres many different ways of doing the sponsored golf. I was just indicating a possible problem with the players spending money for each "par/bogey/birdie". If green fees are not waived it could be an expensive day for them. I was suggesting the idea of being sponsored per hole as, in my opinion, it looks like the best way to raise money. (Dependant on fitness levels and williningness to play a full days golf)
Each to their own I suppose. Both are viable.