Following his opening round 3-over 74, Henley quickly picked up a birdie early Friday at the par-4 second to move to 2-over. A bogey at the par-4 sixth, however, took him back to even par for the day, then closed out the front nine with three consecutive pars to make the turn 3-over for the tournament.
The 44-year-old Tennessee native then rang up a birdie at the 10th but promptly gave a stroke away at the 11th with his second bogey of the day.
Needing a strong finish to sneak up on the cut line, Henley could only manage a string of pars through the back nine before making back-to-back bogeys on the final two holes.
For the day, Henley improved slightly over his Thursday results, hitting eight of 14 fairways and hitting 11 greens in regulation.
In his last two events, Henley missed the cut by two strokes at the Henrico County Open in Richmond, Va., and then missed the cut by four strokes at last week's Chattanooga Classic in Tennessee.
Henley, who outlasted nine other competitors in the second installment of The Golf Channels popular reality series, has three more Nationwide Tour exemptions to use, all coming in the next four weeks: next week's Knoxville Open (Knoxville, Tenn.), the Lake Erie Charity Classic (Erie, Pa.) and the National Mining Association Pete Dye Classic (Bridgeport, W. Va.).