'I was cruising at 21 under,' said Davis, a member of the European Tour who went 4 over par on his last three holes. 'I lost my concentration. I managed to hit a couple of good shots. I knew coming up the last I needed to get up and down to win it. It was a good day and a bad day. I look forward to next year.'
The top-30 players after Monday's final round earned full exempt status on the PGA Tour for the 2005 season.
Rashell posted a 3-under 69 and came in at minus-16. Danny Briggs fired a 4-under 68 on Monday and took third place at 13-under-par 419.
Getting in at 12-under-par 420 in a tie for fourth place were Paul Claxton (67), Sean O'Hair (68), who holed an 7-iron for eagle at the first hole, Bill Glasson (71), Greg Owen (73) and John Elliott (73).
Roland Thatcher and Jason Bohn carded rounds of 2-under 70 on Monday and shared ninth place at 11-under-par 421. D.J. Trahan fired a 5-under 67 and tied for 11th with Matt Davidson, who shot a final-round 71. That duo came in at 10-under-par 422.
Jason Allred (69), D.J. Brigman (66), Dean Wilson (72), Carl Paulson (72), Jeff Brehaut (73), Joey Snyder III (74), Jim Carter (73) and former European Ryder Cupper Phillip Price (71) shared 13th at minus-9.
David Hearn struggled to a 5-over 77, but provided the most dramatic moment of this Qualifying Tournament. He was in the final group and needed to get up and down for par from the back fringe to earn his card. Hearn holed a 35- footer from the fringe for birdie to get into a tie for 21st at 8-under-par 424.
'I don't think I've ever come close to making a putt so dramatic,' admitted Hearn. 'I made some good putts in my day, but nothing from that length with a PGA Tour card on the line.'
Hideto Tanihara (68), Mario Tiziani (71), Omar Uresti (72) and Bob Heintz (72) joined Hearn at minus-8.
Will MacKenzie two-putted for par from 40 feet at the last hole to shoot a 77. That got him in at 7-under-par 425, which tied him for 26th place, the final spot to earn PGA Tour playing privileges.
'It's been a little bit of a struggle to get here,' said MacKenzie. 'I kept my head up high. I've worked hard and I've been playing some good golf lately.'
Craig Barlow (70), Doug Barron (69), Tom Gillis (71), Mark Wilson (69), Lucas Glover (71), Charlie Wi (68), Jeff Hart (72), Scott Hend (72) and J.P. Hayes (67) joined MacKenzie at minus-7.
Players who finished from 6-under par through 1-under par earned exempt status on the Nationwide Tour in 2005. All other players in the field get conditional status on the Nationwide Tour next season.
Play was split over the Jack Nicklaus Tournament Course and the PGA West Stadium Course over the six rounds.