The Memorial Tournament, Nationwide and PGA Tour agreed to a six-year sponsorship extension through 2021 that will increase the 2016 tournament purse to $8.5 million in a deal that was announced Tuesday.

Under the new agreement the event becomes one of the highest regular season money events on the tour, with the winner claiming $1,615,000 in prize money. The 2015 purse was $6.2 million with $1,116,000 going to the winner. Also new to the agreement, the winner will receive a three-year PGA Tour exemption.

“The Memorial Tournament has long been one of the premier events on the PGA TOUR schedule, and it is appropriate to honor all that Jack Nicklaus has done for the game, on and off the golf course, by making these changes to elevate the tournament’s status even more,” said PGA TOUR Deputy Commissioner Jay Monahan.