Jim Ahern stands alone in third place at 6-under-par 66.
Dana Quigley, the 2000 champion, had a chance to join the leaders with a birdie at the last, however he bogeyed the hole to slide to minus-5 and a tie for fourth. He was joined there by Tom Watson, Rodger Davis, Dick Mast, Gary McCord, Mark McNulty, Lonnie Nielsen, Dan Pohl and 1991 and 1994 winner Jim Colbert.
Jack Nicklaus shot 1-over 73.
The first round was completed on Friday despite a weather delay prior to the round and a one-hour, 24-minute delay during the round. There has been rough weather in the area the last few days as a storm earlier in the week destroyed the media tent.
Eaks, who is winless on the Champions Tour, started on the back nine and tripped to a bogey at the 12th. He got that stroke back with a 17-foot birdie putt on the par-3 14th on Nicklaus Golf Club at LionsGate.
The 53-year-old dropped in a birdie on the 16th and came right back to birdie the 17th. Eaks was not done as he birdied 18 to make the turn at minus-3.
Eaks birdied the first to cap a run of four straight birdies. After a pair of pars, he eagled the par-5 fourth from 65 feet out. Eaks came right back to birdie No. 5 before closing with pars on the last four holes. He completed the round despite some other things weighing on his mind.
'I have something I've got to go get taken care of when I get home,' said Eaks, who withdrew from U.S. Open qualifying earlier in the week. 'If it works out, then I'll tell you guys what it is. If it doesn't, then we'll go from there. It's something that's a little private right now.'
Morgan, who tied for third here in 1999, also started on No. 10 and he birdied that hole. He converted consecutive birdies tries from the 12th to move to minus-3.
The 58-year-old birdied the 17th to make the turn at 4 under. Morgan then birdied the first and third to get within one of the lead. The 29-time winner on the Champions Tour posted his seventh birdie at the sixth. He ended with three pars to close out a bogey-free 65.
'I played pretty solid today,' Morgan said. 'It's a good feeing to hit the ball where you're looking and make a couple of putts from time to time and to think you still have the potential to shoot a good number.'
Jim Dent, John Harris, Morris Hatalsky, James Mason and D.A. Weibring are tied for 13th at 4-under-par 68.
Allen Doyle, the defending champion, is tied for 37th at 1-under-par 71.