The field for the $2,500 NL event seemed a bit more solid than those of the $1.5-$2k events, but not too much more.

I had a pretty decent table draw, with just two faces I recognized: Kenna James, a very solid tour pro, and Steven Merrifield, who finished seventh when I won my WSOP ring and who's made two WSOP Circuit main event final tables since then.

Although I generally tend to play pretty tight in the early levels, things started off with a bang in this event. With $5k starting stacks, I called a $200 raise with 7♣ 8♣ and went five-way to a 5♣ 6♥ 9♠ flop ... GIN!

I got it all-in after the T♦ fell on the turn, and dodged 10 outs against my opponent's 6♣ 6♠.

Then I made a critical mistake. Just an orbit later, I three-bet semi-bluffed a Q♠ 8♠ 4♠ flop with the A♠ T♦ ... and doubled up an opponent who had 8♥ 8♦.

Because I had already doubled to $10k at $25/$50, it was a huge blunder to give up that edge by making a big move on a draw. The added chips simply weren't worth the risk of dropping back to my starting stack.

Luckily, I was able to get most of these chips back with little to no resistance from the table. I had slowly worked my stack back up to a little over $13k, mostly without showdown, when the following hand came up.

Nine-handed, with the blinds at $100/$200 ($25 ante), three players limped in from mid-late position, and I found J♣ T♣ on the button. I had a pretty solid image at the table, so I decided to make it $1,300.

Merrifield: Kind of familiar, but not too familiar.

Steve Merrifield, the first limper, called the raise. Everyone else folded, and we went heads-up to a 5♥ 2♣ 5♦ flop.

I made a pretty standard continuation bet of $2,200 after he checked to me, fully expecting to take it right there, given the texture of the flop and his limp/call pre-flop.

He thinks for nearly a minute before check-raising to $4,800 total. Whoa! What just happened? I thought this was going to be an easy pickup and we'd move on.

Given my previous encounters with Steven, I had a few critical pieces of information. First, I'd never seen him limp-reraise before the flop or turn over a big pair after limping pre-flop. Although my experience with him may not have been sufficient to do so, I basically ruled these hands out completely.

Second, I had seen him trap with his big hands after the flop on multiple occasions. This led me to believe that it was less likely he flopped deuces-full, because he would probably just call the bet and try to build the pot on the turn.

A suited connector/gapper containing a five seemed like a very strong possibility given the pre-flop action, but I believed that he would trap with this hand on the flop as well.

Third and most importantly, Steve had never seen me turn over a huge three-bet bluff in this type of situation. Somehow, they always managed to call me when I had it and fold when I didn't at Caesars ... which had a lot to do with me winning the ring!!!

Couldn't resist the urge with jack-high no draw.

In the end, I put him on a middle pocket pair or a bluff, with the obvious outside chance that I had miscalculated completely and he'd snap-call and turn over two deuces or a five. The problem was that I only had a little more than $11k total, so he'd be getting nearly 3-1 to call my shove.

Still, if I could represent an overpair to his middle pocket pair, he wouldn't be getting the right odds to call. He would also fold if he was bluffing. The rainbow flop also meant that I'd never get a crying call from a flush draw.

I couldn't resist the urge, and moved all of my chips in the middle with jack-high and no draw. He hemmed and hawed for almost a minute before giving it up.

Soon after, I called a $700 raise from middle position during the $150/$300 ($25 ante) level with 3♦ 4♦ because I believed that the original raiser had a big hand. The big blind also called, and the flop came 7♦ 8♦ 9♥.

Both of my opponents checked to me, and I considered trying to take the pot right there. However, this was a very dangerous and coordinated flop. Also, as I mentioned, I thought there was a good chance that the original raiser had a big hand and was waiting to check-raise.

I checked. The turn card came K♦. The big blind thought hard before checking, and the original raiser led out for $1,500. Since I now had both of my opponents on pretty big hands, I decided to raise to $4k right here to build the pot.

The big blind thought for nearly two minutes before folding (he claimed pocket sevens after the hand).

The original raiser moved in for just over $8k total, and showed A♦ A♣ after I called. I dodged his flush redraw when the 4♣ came on the river, and my stack was nearly $30k ... making me the early chip leader of the tournament!

Penthouse to outhouse.

I was playing well, making good reads, running good, hitting cards and had the table under control. I was in a groove and was feeling absolutely great about my chances in the tournament. After all, we were less than five hours into the tournament and I already had enough to be an average stack in the money.

Of course, I don't need to throw the cliché line out there about how we're playing No-Limit. I played two enormous pots in the next hour, both times holding A♣ K♥. I lost the first one for about $40k against a player who had J♥ J♣. The second was to double up Kenna James, who held Q♠ Q♣, to about $18k.

Shortly into the $200/$400 ($50 ante) level, I was left with just $1,250 after having the chip lead just a level earlier. I got them in with the A♦ 8♦, which failed to improve against the player who woke up with T♦ T♠ in the small blind.

Dazed and confused, penthouse to outhouse, I wandered out of the Rio thinking about how tomorrow is another day ...

I'd also like to congratulate Steven Merrifield, who finished second in the event for about $429k. I may have gotten the best of him in that hand, but I'd rather be the guy who got bluffed and has $429k in his pocket any day. ;-)

--Matt Stout

"All In At 420"

More WSOP Blogs from Matt Stout:

• WSOP Event 9: $2,500 No-Limit Hold'em
• WSOP Event 7: $2,000 No-Limit Hold'em
• WSOP Event 5: $1,000 w/Rebuys No-Limit Hold'em
• WSOP Event 2: $1,500 No-Limit Hold'em