Langer, the 2016 Jack Nicklaus Award winner as the player of the year as well as the 2016 Charles Schwab Cup winner; Waldorf, the Mitsubishi Elecric Championship defending champion, and Dawson, who is playing this event for just the second time, hold a one-shot lead over four other players, including Fred Couples and John Daly.
Langer, 59, who has won this event twice, shot in the 60s for the 24th time in 28 rounds at Hualalai. He comes into the 2017 season with 29 career titles, which shares second place with Lee Trevino in that category, 16 behind Hale Irwin's 45 wins.
Waldorf, 54, closed with a 6-under-par 30 on the back nine to claim a share of the lead in defense of his title. Dawson, 53, finished T-19 a year ago in his only other appearance in this event.
Daly’s 65 was his best opening round in a Tour event since 2005, when the now-50-year-old shot a 6-under-par 64 at the EDS Byron Nelson Championship on the PGA Tour. The 65 was his low round on PGA Tour Champions. His previous low was a pair of 66s last year, the most recent in the final round at the American Family Insurance Championship.
Couples, 57, was making just his second PGA Tour Champions start in the last 11 months. After finishing second at last February’s Chubb Classic, Couples was sidelined until late October with back issues. He returned to finish 37th at the PowerShares QQQ Championship. Coming into this event, he owns four consecutive top-five finishes at Hualalai.
David Toms shot a 3-under-par 69 in his PGA Tour Champions debut.