Speaking on Wednesday, Monahan conceded that the PGA Tour cannot compete with the LIV Series when it comes to cash but upped the ante announcing it would increase purses at eight events during the 2022-23 season to an average of $20 million ($A29m).

Backed to the tune of $250 million ($A361m) by Saudi Arabia's Public Investment Fund, the LIV is offering purses of $25 million ($A36m) at seven-of-eight events and a $50 million ($A72m) million prize fund at the series finale to be played in October at former U.S. President Donald Trump's property in Doral.

"I am not naive. If this is an arms race and if the only weapons here are dollar bills, the PGA Tour can't compete," Monahan said.

"The PGA Tour, an American institution, can't compete with a foreign monarchy that is spending billions of dollars in an attempt to buy the game of golf.

"We welcome good, healthy competition.

"I am not naive. If this is an arms race and if the only weapons here are dollar bills, the PGA Tour can't compete." - Jay Monahan. 

"The LIV Saudi Golf League is not that. It's an irrational threat; one not concerned with the return on investment or true growth of the game."

Along with a bump in prize money, Monahan also announced a new three-event international series in the fall for the top players to be held in Europe, Asia and the Middle East.

In 2024, the PGA Tour will return to a calendar year schedule rather than the current model that sees a season split over two years.

There will also be changes to the FedExCup Playoffa with a greater focus on the best players.

Currently the top-125 in the points standing qualify for the first playoff event but in 2023 that will be cut to 70.

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The top-50 will advance to the second playoff event with the top-30 qualifying for final at East Lake in Atlanta.

Monahan continued to point to the traditions and legacy that go with playing on the PGA Tour.

He also reminded members that they do not have to make apologies when they tee it up at a PGA Tour stop, while LIV golfers must defend their decision to participate in a series that critics say amounts to blatant 'sportswashing' by a nation trying to improve its reputation in light of human rights concerns.

"On the PGA Tour our members compete for the opportunity to add their names to history books, and, yes, significant financial benefits," Monahan said.

"We will ultimately come out of the current challenge stronger because of our loyalty and support of our players and fans, the best in the world, as well as our planned future growth."