Loren Roberts led by two shots after 16 holes, but double-bogeyed the 17th. Morgan birdied the same hole to pave the way for his 24th Champions Tour title.
This year the Allianz marks the third official tournament of 2007 and the first of three straight in Florida. It is also considered a first-year event, the old Allianz having changed names to the Principal Charity Classic, and so Morgan is not called a defending champion.
Amazingly, this is the first Champions Tour event to be played in South Florida since 2004.
The Golf Channel will broadcast two hours of coverage on Friday and three hours each day of the weekend, beginning at 1:00 p.m. each day. Next week's Champions Tour event is the Outback Steakhouse Pro-Am, where Jerry Pate shot a 66 on Sunday to beat three other players by one shot last year.