Kenseth led 60 laps, the second most of any driver on the day.
Elliott held off Martin Truex Jr.to take the runner-up spot, but it wasn't enough to advance to the Championship Four of the playoffs next Sunday at Homestead-Miami Speedway.
Kenseth took his final lead of the race with a pass of Chase Elliott with nine laps remaining in his penultimate race with Joe Gibbs Racing and won the Can-Am 500 at Phoenix International Raceway.
During the ensuing pit stop, the jack on Hamlin's auto was dropped before all the lugnuts on the tire were secured.
Hamlin and Chase Elliott were racing for third place in the final 50 laps, as each put the bumper to the other.
After the red flag to extinguish the fire, Elliott started marching to the front and had his run-in with Hamlin. The Manchester High School graduate would advance with a victory Sunday or by finishing in the points standings ahead of Brad Keselowski, Ryan Blaney, Chase Elliott and Jimmie Johnson.
Hamlin leads in the final 100 laps, though the cars have not yet pitted in the final segment.
Brad Keselowski struggled through most of the race but headed into Phoenix with enough of a point cushion to join already-clinched drivers Harvick, Truex and Kyle Busch in the Championship Four.
Hamlin erased all of Keselowski's points lead following the second stage. Larson was eliminated from the playoffs when his engine blew at Kansas, but he can still play spoiler by stealing the stage points other drivers so desperately need.
Stage 2 will end on Lap 150.
Kenseth will enter the final race of the year in seventh place, coming off a fifth-place finish last season. Sunday's victory could easily be the last of his career, and next weekend's season finale at Homestead-Miami Speedway could be his last altogether. Keselowski ran outside the top 15 the entire stage and did not earn any points.