The Ryder Cup favourite, a two-time winner on tour, needed to bank at least £23,905 by finishing in the top 30 but he was unable to make it to the weekend.
Poulter, 41, has been playing on a medical exemption following a foot operation last year but, with that expiring, he needed to earn his card.
A first round of three over left him facing an uphill challenge and Friday's one-under 71 was not enough to keep him in the mix.
He managed four birdies in the front nine but also made three bogeys to stifle his momentum.
Poulter, who has a highest finish of 11th this season, may still be seen at PGA events but will now require invitations if he is to appear on the PGA circuit.
Tweeting after his round, Poulter wrote: "The best thing about golf is it gives you what you deserve, Also when the chips are down you find out who your real friends really are !!!!!"
The best thing about golf is it gives you what you deserve, Also when the chips are down you find out who your real friends really are !!!!!— Ian Poulter (@IanJamesPoulter) April 21, 2017
Responding to one message of support from a fan, he added: "I guess the road needs re tarmacking after a good few miles. A career isn't a career without the odd bump along they way."