"My daughters are responsible for that,'' Palmer said Wednesday. "While I was playing, I would have never allowed it. That was first stipulation for not making any name change. I liked the Bay Hill Invitational logo. But when I stopped playing, that sort of opened the door for the possible name change.''
He remembers being asked to host the tournament at Bay Hill in 1979, and "it's worked out pretty well.''
"The first tournament was $100,000, and that was about the average on tour in those days,'' he said. Of course, this year we're $5.5 million. That's reasonable progress in 29 years.''
There has been progress all around him.
Palmer hails from Latrobe, Pa., and he used to travel to south Florida to practice in the winter when he first turned professional. But the Miami area was too crowded for his tastes, so he began scouting areas up and down the coasts of Florida.
It was by chance in 1965 that the Orlando Chamber of Commerce invited him to an exhibition at Bay Hill, along with Jack Nicklaus, Dave Regan and Don Cherry. He fell in love with the course, and asked about buying it from 10 partners, a process that took some time.
Still, it was just what the King wanted.
"The only thing out here was orange groves, snakes, a few birds, but a lot of wonderful freshwater,'' Palmer said. "It was quiet. It was about a 15- or 20-minute drive to downtown, which was great. It was a small town.
"Well,'' he paused to smile, "you know the story from there.''
A few years later, Disney scooped up some 27,000 acres and announced plans for a theme park. Palmer's friends figured he knew what he was doing, but even Palmer wasn't sure how much the town would grow, how it would become a tourist mecca.
"I was really looking for a quiet place to just do a nice golf course ... and here we are,'' he said.
He has a golf course that has hosted the PGA Tour for almost three decades.
And the name isn't the only change.
Wanting to make Bay Hill more of a challenge, Palmer has changed par 5s at Nos. 4 and 16 into par 4s, making the course play as a 70. The 16th used to be the last spot among the final five holes where players could think about making birdie.
"Now the party's over after the 13th,'' Joey Sindelar said. "That last hour will be torture.''
Still, the biggest difference will be the scores to par.
"I would probably predict that the scores will be much the same as they have been in past years,'' Palmer said. "I don't think we'll see a lot of major changes. The only thing that we'll see that might be a little different is that the players won't be as many under par as they have been in the past.''
One thing that has become difficult to predict is how Tiger Woods will fare at Bay Hill.
The tournament has attracted one of the strongest fields of the year, with Jim Furyk and Adam Scott the only players missing from the top 10 in the world. Masters champion Phil Mickelson is back for the first time since 2002, while Ernie Els is playing Bay Hill for the 15th consecutive year.
Woods once played so well at Bay Hill that some suggested calling it the Tiger Woods Invitational.
But that's misleading.
True, he captured Palmer's tournament four straight years through 2003, when he won by 11 shots. And when people were speculating over his seven-tournament winning streak on the PGA Tour, some tended to chalk up an automatic victory at Bay Hill simply because Woods has won so often.
But it has been a classic case of feast or famine.
Woods has finished 20th or higher four times at Bay Hill. Among regular PGA Tour events, The Players Championship is the only other event where he has finished so far behind so often. In the 14 tour events he played as an amateur, majors included, the only time he failed to break 80 was in 1994 at Bay Hill.
And when he teed off Thursday, he was trying to end a streak of 11 consecutive rounds at Bay Hill without breaking 70.
"This week, all I have to do is shoot under par and I do it,'' he said. "It's one of those weird things. As I said, I feel comfortable on this golf course, but for some reason I just haven't played well. I haven't put it together.''