Mark O'Meara and John Cook posted a 7-under 65 to finish in a tie for second along with Rocco Mediate and Lee Janzen.
After birdieing the opening hole, Huston and Maggert missed a short par putt at the third. However, it didn't take long for the duo to recover at Tiburon Golf Club. They picked up a birdie at the fifth and reached the green in two at the par-5 sixth. Huston drained a 30-foot putt for birdie and the pair continued to roll.
'In alternate shot, if you can keep from having awkward up and downs you'll be all right,' said Maggert. 'John hits it pretty long so I knew on some par-5s I'd have a chance to go for it in two.'
Huston ran home a 10-foot putt for birdie at the seventh and Maggert added a 15-foot birdie at the ninth to move the duo to minus-5 around the turn.
Maggert sank an 18-foot putt for birdie at the 13th and the two added another birdie at the following hole. Huston and Maggert picked up their seventh birdie of the day at the par-5 17th to hold the early lead.
'The greens are really good,' said Huston, a six-time winner on the PGA Tour. 'They are true and if you get it online 10 feet from the hole you know its going in.'
The team of Mediate and Janzen collected seven birdies and no bogeys to finish one shot off the lead.
'We followed our plan, hit it in the fairway and stay out of trouble,' said Janzen. 'We've known each other for about 18 years so there is a confidence level.'
Mark Calcavecchia and Andrew Magee were two shots back after a round of 66. They were joined by Matt Kuchar and David Gossett and Steve Elkington and Peter Jacobsen in a tie for fourth.
David Toms and Stewart Cink were alone in seventh at 5-under-par 67. Tournament host Greg Norman and teammate Fred Couples were part of a group at 4-under-par 68.
Defending champions Scott McCarron and Brad Faxon were seven shots off the lead after an opening-round 71.