“It’s the same thing if one of our sponsors declares bankruptcy."

From Jon Show's look at what Stanford Financial's collapse means to the PGA Tour:

A high-ranking PGA Tour executive said that if Stanford remained in receivership or if its assets were sold off and the proceeds distributed to investors, it was unlikely that the PGA Tour would receive any compensation for the estimated $50 million remaining on the final seven years of its contract.

“It’s the same thing if one of our sponsors declares bankruptcy,” the source said. “We wait in line like everyone else.”

So this confirms that those "ironclad" contracts become much less so with a bankruptcy filing.