Koepka, 35, has been welcomed back to the PGA Tour after applying for reinstatement under a new ‘Returning Member Programme’, facilitated for those who had won a major – or The Players Championship – since 2022.
The five-time major champion also smoothed his return by paying fines said to be worth around £63m.
Reed, who won the Masters in 2018, did not match the same criteria for reinstatement as Koepka and cannot regain his membership until January 2027.
However, he will be eligible to play on the PGA Tour again this coming August, a year after his final LIV appearance.
Watson claims the PGA Tour has “made a decision to renege” on what they promised to those who stayed loyal.
“When the players left, they violated the number one rule, which is to protect the sponsors,” said the 1977 and 1981 Masters champion.
“Sponsors need players. They need the names to be able to promote their tournaments.
“When the players left for LIV, I think it was basically over.
“They chose to go for the money, which is fine. To return to the Tour, I thought, was a nonstarter. Apparently it’s not.”