Three of the four majors take place in eight weeks between June and August. In the past, this has threatened to make the last 2-1/2 months of the season anti-climactic, as some of the very top players competed less from that point on. In response, the PGA Tour has introduced a new format, the FedEx Cup. From January through mid-August players compete in "regular season" events and earn FedEx Cup points, in addition to prize money. At the end of the regular season, the top 125 FedEx Cup points winners are eligible to compete in the "playoffs", four events taking place from mid-August to mid-September. The field sizes for these events are reduced from 125 to 100 to 70 and finally the traditional 30 for the Tour Championship. Additional FedEx Cup points are earned in these events. At the end of the championship, the top point winner is the season champion. To put this new system into place, the PGA Tour has made significant changes to the traditional schedule.
Invitational: These events are similar to the regular ones, but have a slightly smaller field and do not follow the normal PGA Tour exemption categories. Invitational tournaments include the Charles Schwab Challenge, the Arnold Palmer Invitational, the RBC Heritage, the Memorial Tournament. The tournaments usually have an association with a golf legend, or in the case of the RBC Heritage, a famous course. The table below illustrates some of the notable features of the exemption categories for these events:
The number of Race to Dubai points available in the last three events of the season was increased, and the field size reduced. The aim was to make more players still have a chance of winning the Race to Dubai entering the final events. In addition, although the prize money was not increased, the bonus pool of US$5m would now be split among the top five players rather than the top ten. The money saved from restricting field sizes was used solely to increase the first prizes, which means that the tournaments would not have the standard prize fund distribution, and the DP World Tour Championship, Dubai would have the largest tournament first prize in golf of US$3m.
Due to increases in prize funds over the years, this list consists entirely of current players. Two players on the list, Vijay Singh and Davis Love III, are eligible for PGA Tour Champions (having respectively turned 50 in February 2013 and April 2014). Both have lifetime exemptions on the PGA Tour for 20 wins and 15 years on the Tour, and Love has won a tournament on the main PGA Tour since turning 50. The figures are not the players' complete career prize money as they do not include FedEx Cup bonuses, winnings from unofficial money events, or earnings on other tours such as the European Tour. In addition, elite golfers often earn several times as much from endorsements and golf-related business interests as they do from prize money.
Due to the multiplicity of names, there is often confusion as to what the PGA Tour organization does and does not run. Of the events in the PGA Tour schedule, it does not run any of the four major championships (the Masters Tournament, the U.S. Open, The Open Championship and the PGA Championship), or the Ryder Cup. The PGA of America, not the PGA Tour, runs the PGA Championship, the Senior PGA Championship, and co-organizes the Ryder Cup with Ryder Cup Europe, a company controlled by the PGA European Tour. Additionally, the PGA Tour is not involved with the women's golf tours in the U.S., which are mostly controlled by the LPGA. The PGA Tour is also not the governing body for the game of golf in the United States; this, instead, is the role of the United States Golf Association (USGA), which organizes the U.S. Open. What the PGA Tour does organize are the remaining 43 (in 2009) week-to-week events, including The Players Championship and the FedEx Cup events, as well as the biennial Presidents Cup. It also runs the main tournaments on five other tours: PGA Tour Champions, the Korn Ferry Tour (formerly known as Web.com Tour), PGA Tour Canada, PGA Tour China, and PGA Tour Latinoamérica.
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