The tournament is now called The MCI Heritage, presented by Hilton Head Island. Next year it will be known as the MCI Heritage.
The four-year contract will provide about $24 million to the tournament and their commitments through 2006.
MCI sponsored the event from 1987 to 2002. The parent company, WorldCom, took over the title the previous two years, before filing for bankruptcy last July.
Faced with a financial void, the Heritage Classic Foundation was prepared to raise $1.8 million with a 1 percent tax on prepared foods and beverages in order to maintain the tournament, which is now in its 35th year.
The tax had been set to start April 1, but was repealed when officials announced they had a new title sponsor.