Eh, you're close. The Par 3 competition is on Wednesday, and it's just a relaxed kick-off to the Masters. A lot of guys will have their kids caddie for them, and they still get Augusta crystal for holes-in-one. The pin on 9 is set so anything hit close has a chance to funnel down to the hole.
The televised part of the Par 3 contest is mainly an excuse for people like me to watch Jack Nicklaus, Arnold Palmer, and Gary Player go out as a threesome and talk trash to each other.
Skipping the ball, on the other hand, is something guys do during their practice rounds, and it's on the main course, at 16.