The PGA Tour and FedEx announced on year extension of the company's sponsorship of the FedExCup.

The FedExCup is a year-long competition that began in 2007. This new deal will keep FedEx as the sponsor from 2013-2017 and starting next year, the four- tournament PGA Tour Playoffs will be known as the FedExCup Playoffs.

"Since its inception in 2007, the FedExCup has transformed the competitive landscape on the PGA Tour and significantly benefited all of our stakeholders," said PGA Tour Commissioner Tim Finchem. "It makes every FedExCup event more meaningful, adding substantial value to our tournaments, title sponsors and television partners. Most importantly, the FedExCup offers our fans more ways to engage in our sport and get excited about our players week in and week out."

The prize pool remains unchanged with $35 million at stake based on a player's finish on the FedExCup points list. The winner will pocket $10 million.

Tiger Woods is a two-time FedExCup champion, while Vijay Singh, Jim Furyk and Bill Haas have also walked off with the title.