It is incorrect to assume that traffic would be a deal-killer for an event at The Institute. There is actually great freeway access from both north and southbound Hwy. 101 with no less than at least two separate exits from the highway. Once onto surface streets, you are only a couple of miles from the course with all the roads surrounded by either ag fields or multi-acre ranchettes.
Having just seen in person what is needed to access Riviera during the annual tournament there, it being located hard within an upscale neighborhood, this is an absolute slam dunk for access. And said fields could possibly find use as parking, but I don't know about that.
And finally, while not the timeline rocket of Chambers Bay in its acquisition of the Open, for northern California, this was quick: design start - 1995, general completion - 2000, PGA event - 2010.