Bryant fired an 8-under 64 on Sunday to finish at 17-under-par 199. McNulty, who held a three-shot lead with three holes to play, posted a 5-under 67 to come in at minus-15.
David Edwards also shot a 5 under to take third place at 13-under-par 203. Jim Thorpe fired a 9-under 63 to come in fourth at minus-12, while Tom McKnight fashioned a round of 3-under 69 to take fifth place at 10-under- par 206.
Bryant cut into the lead with a 3-foot eagle putt at the 16th, but McNulty aided in his own demise. For the second consecutive round, McNulty found the water at the 17th hole and walked off with a double bogey.
Bryant birdied the 17th to get to 17-under par. He parred the last, then watched as McNulty, now at 16-under par, faltered at the closing hole at Ross Bridge on the Robert Trent Jones Golf Trail. McNulty's approach bounced off the green and into more water.
In the end, it was a bogey for McNulty and a two-shot victory for Bryant, who pocketed $240,000 for his second win of the season. Bryant captured the Toshiba Classic in March.
Loren Roberts, a three-time winner this season and the tour's leading money winner, posted a 2-under 70 and tied for sixth place. Bob Gilder (67), Morris Hatalsky (67), Danny Edwards (69) and Dick Mast (72) joined Roberts at minus-nine.