Woods advanced to Saturday morning's quarterfinals against No. 3 seed Padraig Harrington. The Irishman advanced thanks to a 1-up win over last year's runner-up David Toms.
Phil Mickelson, the two seed in the Sam Snead bracket, continued his fine form on Friday with a 3 and 2 victory over Chris DiMarco. Mickelson will face Davis Love III, the No. 1 seed, after Love handled Adam Scott, 4 and 3.
Darren Clarke, the 2000 winner of this event and three seed in the Gary Player bracket, beat Kenny Perry 3 and 2 and will face Jerry Kelly on Saturday. Kelly defeated Chad Campbell, 1-up, in the third round and it completed an amazing Friday for the eighth seed in the Player bracket.
In Friday's second round, Kelly ousted No. 1 seed Vijay Singh, 4 and 2.
The other No. 1 seed, Masters champion Mike Weir, was bounced by Stephen Leaney in the second round.
Leaney, the eight seed in the Hogan bracket, won the 18th hole in the third round to defeat Colin Montgomerie, 1-up. Ian Poulter, the 11th seed, dispatched John Huston, 2 and 1, and will battle Leaney in the quarterfinals.
The quarterfinals are scheduled for Saturday morning with the semifinals in the afternoon. The 36-hole final will take place Sunday and Woods is in solid position to become the first player to successfully defend his title.
Woods won the second and third holes to go 2-up, but Jacobson came back with wins at five and six to pull even. Woods rebounded with a win at seven and a 15-foot birdie putt at No. 8 to reclaim a 2-up lead.
At the 10th, Jacobson drove into the left rough against a tree and never recovered. He lost that hole to fall 3-down, then Jacobson missed the green at the par-three 12th to make bogey and fall 4-down.
Jacobson missed a par putt at the 14th and Woods drained a four-footer for par to end the match.
It might have been a good thing for Woods to end his match early. No golf was played on Thursday because La Costa was unplayable after nearly two inches of rain. The second round was completed Friday morning with the third round in the afternoon.
'It's quite a challenge,' said Woods, the only player to have won all four of the World Golf Championships events. 'I'll be good to go for tomorrow.
'I played well all day. I think what's important is I kept the pressure on my opponent all day.'
Harrington built a 3-up lead around the turn, but Toms birdied 11 to claw back into the match. Toms won the 13th and when Harrington missed the green right at the 14th and made bogey, the match was all-square.
The pair remained knotted until the par-3 16th. Harrington hit a 7-iron seven feet from the hole to set up birdie and win the hole. The Irishman had a look at birdie and the win at 17 but missed the cup.
Toms' 25-foot birdie chance at the 18th came up short and Harrington two-putted for the win.
'I was a little bit tired and my swing wasn't great to start off with,' said Harrington. 'I put a few bandages on it and thankfully just got home.'
Mickelson was down early but came back with a birdie at the sixth and with that, went 1-up. He won the seventh and 11th, then DiMarco came back to win the 13th and cut his margin to 2-down.
Mickelson sank a 25-footer for birdie at the 15th to go 3-up and closed out the match a hole later when DiMarco's birdie putt did not drop.
'I feel like I was playing well coming into the week. I played well on the west coast,' said Mickelson, who equaled the tournament record for shortest match in the second round with his 7 and 6 drubbing of reigning British Open champion Ben Curtis. 'I drove the ball in the fairway. I'm not really known for that.'
Love took advantage of Scott, who needed 22 holes to beat Robert Allenby in the second round. After the obligatory 30-minute break, Love won four holes on the front side and that was all he needed to dispatch the man who finished third last year.