Palaniuk, who has a BASS elite champion ranking, finished as the runner-up in the 43rd annual World Championship of bass fishing at Grand Lake O' the Cherokees near Tulsa, Okla.
He caught a three-day total of 15 bass weighing 51 pounds 8 ounces, short of the 14 bass totaling 54 pounds 12 ounces ounces caught by 32-year-old winner Cliff Pace.
Pace, from Petal, Miss., earned $500,000. Palaniuk won $45,000.
By the last day of fishing, the field of 53 anglers that qualified from international competition for the big event was narrowed to 25 anglers battling for the chance to be crowned the 2013 Bassmaster Classic champ.
- See the daily Bass blog coverage of Palaniuk's 2013 Bassmaster run.
- See photos of Palaniuk beating the cold weather and tough fishing with his youthful athleticism on the final day of the Bassmaster.
Depite a disappointing performance in the 2012 Bassmaster Classic, Palaniuk has been a hot item on the pro fishing circuits for three years, claiming a $100,000 top prize in April but still living out of the back of his pickup to save money.
Palaniuk caught everyone's attention with his standout Bassmaster debut in 2011, finishing fourth and winning $30,000.
Bassmaster on TV
See Palaniuk in action during the 10 hours of Classic coverage set to air on ESPN2. The Bassmasters will present its Day One show at 9-10 a.m. ET, March 2 . Coverage of the final two days of Classic competition will air March 3 from 7-9 a.m. ET and 10 a.m.-noon ET. Fans can see Classic shows again on March 10 on ESPN2 from 5-9 a.m. ET. An hour-long Classic highlights program will air at 8 a.m. on April 7.