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Venezuelan-born Muguruza won the French Open in 2016 and Wimbledon in 2017, and she reached the final of the Australian Open in 2020.
The 30-year-old Collins has announced that she will retire from the sport at the end of this season but has found herself playing in the form of her life and has extended her winning streak to 13 matches.
The WTA said its agreement with the Saudi Tennis Federation will offer record prize money of $15.25 million this year with further increases in 2025 and 2026.
The 30-year-old overcame fourth seed Elena Rybakina in just over two hours to become the sixth American woman to claim the crown in Miami.
After a gutsy second-round win on Friday over good friend Paula Badosa the world No. 2 appeared to have little left in the tank physically, mentally or emotionally for a late night Stadium court battle with Ukrainian Kalinina.
Alcaraz became the first man to defend a championship in the California desert since Novak Djokovic won three straight between 2014 and 2016.
Sakkari got the better of US Open champion Coco Gauff in a hard-fought second semifinal.
Third seed Coco Gauff served up 17 double faults but still managed to beat China's Yuan Yue 6-4, 6-3 to reach the women's semifinals in the Californian desert for the first time.
Navarro, seeded 23rd, broke the hard-hitting Belarusian for a fourth time on match point to book a quarterfinal clash with ninth seed Maria Sakkari of Greece.
Russians and Belarusians were banned from competing internationally following Russia's invasion of Ukraine in 2022, for which Belarus has been used as a staging ground.