The Genesis Invitational, hosted by Woods at Riviera Country Club next February 13-16, will have an invite-only field of 120 players competing for a $9.3 million purse, a boost of $1.9 million from this year's event.
The winner will take home $1.674 million as well as a three-year PGA Tour exemption, one year longer than the standard winner's exemption for tour events.
Tiger's event exemption matches those of the Memorial, a key US Open tune-up event hosted by Jack Nicklaus, and the Arnold Palmer Invitational at Bay Hill in March.
Reigning Masters champion Woods, 43, has won 15 major titles, three shy of the record 18 captured by Nicklaus.
His victory this year at Augusta National snapped a major win drought dating to the 2008 US Open.
Woods has 81 career PGA titles, one shy of the all-time record set by Sam Snead.
The Riviera tournament remains a benefit event for Woods' charity work through his TGR Foundation.