  We show, by use of angle-resolved photoemission spectroscopy, that underdoped
Bi_2Sr_2CaCu_2O_{8+\delta} appears to have a large Fermi surface centered at
(\pi,\pi), even for samples with a T_c as low as 15 K. No clear evidence of a
Fermi surface pocket around (\pi/2,\pi/2) has been found. These conclusions are
based on a determination of the minimum gap locus in the pseudogap regime T_c <
T < T^*, which is found to coincide with the locus of gapless excitations in
momentum space (Fermi surface) determined above T^*. These results suggest that
the pseudogap is more likely of precursor pairing rather than magnetic origin.
