He was joined in the playoff by Jerry Smith (65), Scott Weatherly (64) and Joe Daley (66).
Each two-putted for birdie on No. 9, which along with 18 served as the two playoff holes. Daley knocked his second shot in the water on the third extra hole, the 18th, but managed to save par.
The playoff continued as Schultz two-putted for par from 15 feet out. Both players two-putted for par on the fourth playoff hole as well. Daley missed a 4-foot birdie attempt at the next and it was back to No. 9 at the Black Creek Club for the sixth extra hole.
Both players found the fairway with their tee shots, then dropped their second shots on the putting surface. Schultz poured in a 20-foot birdie putt. Daley was unable to convert his 10-footer for birdie giving Schultz his first tour win.
'I figured I had to make mine,' said Schultz of his putt. 'I hit some good putts on the previous three or four holes and he got a good look at the line. My caddie made a great read on it and I just tried to hit it down the line. I think Daley would have made his if I missed mine.'
Schultz, who shared the lead entering the final round with Johnson Wagner, posted two birdies on the front nine. After seven consecutive pars, Schultz notched back-to-back birdies from the 14th. He then birdied 17, but three-putted the par-5 18th for par to create the playoff.
Daley flew out of the gate with birdies on three of his first six holes. He birdied three of the last five holes in regulation to get to 22 under.
Weatherly had the tournament won, but stumbled down the stretch. He eagled the fourth, then birdied the next three holes to get to 19 under. The tour rookie birdied 10 and 12 around the turn.
The 27-year-old eagled 14 and came right back with a birdie on 15 to get to 10 under for his round and 24 under overall. Weatherly, however, bogeyed the final two holes to slide back to minus-22.
Smith reeled off five birdies over his opening nine holes to move to 20 under. Around the turn, he notched three birdies and a bogey to get into the playoff.
Willie Wood and Troy Matteson shared fifth place at 21-under-par 267. Grant Waite was one stroke further back at minus-20.
David Morland IV fired a 66 to end at 18-under-par 270 alongside Bubba Watson (67) and David McKenzie (67).
Wagner only managed an even-par 72 on Sunday. He finished at 17-under-par 271 in a tie with Esteban Toledo, James Nitties, David Branshaw and Jason Gore.