TechyInAZ :
Ah ok. So that is still better than 4 phases and 4 Mosfets since usually it's the more the better (less load when there's more)?
Four phases = 8 MOSFETs: one for switching the source in, the other for the synchronous rectifier.
The Z97 has 8 MOSFET pairs, that's 16 MOSFETs total. Eight of them (four pairs, one pair per phase) are directly around the controller IC under one heatsink and the eight others (four more pairs) are under the other VRM heatsink.
Here's an image of what is under one of the heatsinks:
Four inductors, eight FETs, one tiny driver IC and a handful of passives.