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The Transitions Championship tournament was founded in 2000, and was originally called the Tampa Bay Classic. Played annually at Innisbrook Resort and Golf Club in Palm Harbor, Florida, the Transitions Championship was originally an alternate event played the same week as the Presidents Cup in 2000, and the same week as the World Golf Championship's American Express Championship in 2002. It was supposed to be played the same week as the American Express Championship on September 13-16, 2001; however the terrorist attacks of September 11th, 2001 forced the cancellations of both tournaments.

From 2003 to 2006, the Tampa Bay event had a slot in the schedule to itself as the last full-field event before the Tour Championship, while having the Chrysler Corporation as the title sponsor.

Since 2007, the Tampa Bay event has been played in March, and for a time the tournament was without a title sponsor, leading to speculation on its fate after that year. Then, on January 24, 2007, tournament principles and the PGA Tour announced a six-year sponsorship agreement with the PODS Group of Clearwater, Florida. However, PODS chose to exercise an option to withdraw as title sponsor after the 2008 event, which left tournament officials searching to find yet another replacement. On June 4, 2008, Transitions Optical, Inc. was announced as the new title sponsor. Transitions Optical continues its ongoing commitment as sponsor of the event, while helping consumers protect and maintain healthy sight, at play and more.