23-Way Chop at WPT's Side Event

A total of 956 players participated in the event generating a prize pool of $324,000. When the deal struck, the chip leader had more than 2,000,000 (40bb+) chips, and the shortest stack had only 160,000 (3.2bb). The players agreed to split the money almost evenly:

1st place $12,011
2nd to 4th place $12,000
5th to 23rd place $10,091

The winner with the extra 11 dollars came to be John Agelakis, who, besides his $12,011 won a Commemorative Leather Jacket, and a Championship Trophy.

It is unclear why the chip leaders would agree to such a deal, the winner would earn more than $68,000 if there haven't been for the chop. The 23rd player of course was happy, earning $10,091. The only loser of the deal seems to be the 24th, who only won $1,460...