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Founded in 2000, the Transitions Championship tournament was originally known as the Tampa Bay Classic. Played each season 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 in 2001, however the terrorist attacks of September 11th 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 deal 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 yet again searching to find another replacement. On June 4, 2008, Transitions Optical, Inc. was announced as the new title sponsor. Transitions Optical continues their ongoing commitment as sponsor of the tournament, while helping consumers protect and maintain healthy eyesight, at play and more.