Rollins posted a 5-under-par 66 to lead Dave Barr, David Kirkpatrick, Joel Kribel, Mike Heinen, Bart Bryant, Brad Klapprott and Mark Wurtz by one shot in Raleigh, NC.
Rollins played on the tour in 1999 and finished 82nd on the money list. However, he earned his 2000 PGA Tour card by finishing tied for 16th in the '99 Qualifying Tournament.
The 25-year-old Virginian made only eight of 27 cuts on the big tour in 2000, thus dropping back to the minors.
Rollins, 60th on the 2001 Buy.Com money list, had missed three consecutive cuts entering this week.
Full-field scores from the Buy.Com Carolina Classic