We're not sure why it can't simply be known as Laguna Seca, since that's the name that sticks after the sponsors disappear. And we don't know why adding a word is better. Why would you add syllables to say and letters to type (insert lazy writer joke here)?
It seems that those in charge of the track are happy with the deal, though. The Monterey Herald reports the deal is for five years of sponsorship at a cost of $5 million and that it's about two-thirds of what Mazda was paying. But the newspaper also reports that the track won't be providing the same track access that Mazda needed, and it may attract other automakers to the track when the track's name isn't partly that of a competitor.