'The last two days I played about as well as I can with 10 birdies and an eagle,' said Rhoden, who pocketed $100,000 for the win. 'I had a lot of birdie putts today, a lot of birdie putts. I just missed one green today and none yesterday.'
Two-time champion Dan Quinn and Steve Bartkowski, the other overnight co- leader, shared third place with 66 points.
This year's event was contested using the modified Stableford scoring system. A double eagle is worth +10 points, a hole in one is worth +8 points, an eagle is worth +6 points, a birdie is worth +3 points, a par is worth +1 point, a bogey is worth 0 points and a double-bogey or worse is worth -2 points.
Rhoden was four points ahead of Wagner as the two made their way to the par- five 18th. If Wagner would have eagled the hole and Rhoden parred, Wagner could have won and Wagner got off to a strong start at the hole when he nailed his drive 350 yards down the fairway.
Rhoden did not get as far off the tee but reached the green with a seven-iron. He had 40 feet to the hole and missed his eagle try which opened the door for Wagner, who hit a nine-iron to 12 feet.
Wagner's eagle try came up just short and Rhoden tapped in for his birdie to win the event for the sixth time.
'I knew I had to get it on dry land. I knew I couldn't lose if I got a birdie,' said Rhoden, referring to his strategy on 18. 'I figured Jack would make that putt and that I would have to two-putt to win.'
'He probably could have shot 63 or 64 today. He was never in danger of a bogey,' said Wagner, who tallied 20 points on Sunday.
Billy Joe Tolliver finished in fifth place with 64 points, followed by John Elway, who took sixth with 60 points.
Chris Chandler and Al Del Greco tied for seventh place with 58 points. Tommy Maddox finished alone in ninth with 57 points.