It is part of the Open Qualifying series. They do this every year, but change the tournaments around. It is 12 events over the 6 major tours.
I know that - my point was that it doesn't make any sense. Using events in the month between the US Open and the Open Championship mostly makes sense as an indicator of potential form...but Bay Hill, in early March? And I certainly wouldn't be picking the best three players who aren't already eligible - I'd stipulate that they also have to finish in the Top 5, otherwise the spot is filled through some other process (OWGR, alternates from final qualifying, etc.)
Frankly, I'd rather the Open just follow the lead of the Masters and award spots to tournament winners throughout the season, or across a chunk of the season (e.g., on both the European Tour and PGA Tour from January to July), than what we have at present. Or even just focus on the Irish Open and the Scottish Open and pick anyone who finishes in the Top 10 or even the Top 20 in those two weeks leading up to the Open, as proof that those guys can potentially succeed on links courses.