TMZ has checked around with some major paparazzi agencies, who tell us the first picture of Tiger could have scored them more than $1,000,000 in worldwide distribution profits.

But when the image was released through Getty Images -- a non-paparazzi, subscription-based photo agency -- the value of the photo plummeted ... as most major media outlets got the pic essentially for free as part of their deal with Getty.

FYI -- Just 24 days before the shot was taken, Getty had announced a "multi-year" deal with the PGA, in which both sides touted the move as a "strategic partnership." Turns out, they were right.

We called Getty for comment -- but they're on lockdown.