Unless there are credible rumors of another involuntary after the PIP season, if you are selected for PIP, take the PIL. This process is designed to weed people out, not keep you. Don't go through the pain of trying to get past it when your performance was good in the first place. Take the 3 months to find a new job, as this company no longer values what you bring!
This is the best possible advice. PIP used to be about performance improvements but it has since morphed into a tool to get rid of anybody who doesn't fit their numbers, no matter their productivity. There's no point in fighting it when the cards are stacked against you.