Jacobsen, a native of Portland who went to the University of Oregon, was instrumental in bringing the Champions Tour event to the Reserve Vineyard and Golf Club just west of his hometown four years ago.
Before that, he hosted the popular Fred Meyer Challenge in Portland.
But The Tradition, the fifth major on the tour, is moving next year to Crosswater Golf Club in Sunriver, an up-and-coming central Oregon resort town, where it is hoped it will attract bigger crowds.
'I'm disappointed we're leaving, but at the same time I'm excited about going to Sunriver,' he said Wednesday.
The Tradition was played for 14 years in Arizona before Jacobsen lobbied to relocate it in 2003. Jacobsen's sports management firm runs the tournament, which is sponsored by Jeld-Wen, an Oregon-based window-and-door maker.
Crosswater, a 7,683-yard course designed by Bob Cupp, was site of this year's NCAA Division I men's golf championship.
The final Tradition on the 7,150-yard, par-72 course at the Reserve gets underway on Thursday. Last year, Loren Roberts won his first Champions Tour title, topping Dana Quigley with a bogey on the second hole of a playoff.
Roberts won the Senior British Open last month at Turnberry for his fourth victory of the year. He has five wins in 21 career senior starts.
He's in friendly competition with Jay Haas, who has won three events this year, including the Senior PGA Championship. Roberts has a slight edge in points for the Charles Schwab Cup.
'Loren and I have been having a little rivalry this year,' Haas said. 'It's been fun. He is really a wonderful player and guy.'
Said Roberts: 'Jay called me when I returned home from the Senior British, congratulating me -- which showed what kind of guy he is.'
Last week, Tom Kite won in Seattle for his ninth Champions Tour victory, beating Keith Fergus with a birdie on the first hole of a playoff.
Jacobsen has been off for three weeks resting a troublesome hip.
'I know there's going to be a replacement in the future, I'm just not sure when,' he said.
Jacobsen is responsible for one of the most memorable moments of The Tradition. It was in 2003, when he waded into a creek alongside the No. 17 in a bold attempt to whip his ball to the green. His shot landed back in the creek, and he settled for a double bogey.