Farmers Insurance stepped in as the 2010 sponsor, 10 days before the staging of this year's event. The tournament was in need of a title sponsor after Buick filed for bankruptcy last year.
Ben Crane won this year's Farmers Insurance Open. Next year's purse will be $5.8 million, an increase of $500,000.
“This is a very solid deal financially,” PGA Tour commissioner Tim Finchem said. “It will allow us to increase the purse at the tournament starting next year, which will get it squarely into the range of purse levels at that time of the year on the PGA Tour.”