Steve Elkington was joined by Phil Mickelson at the top of the Bellsouth leaderboard on the second day which saw Padraig Harrington move himself into contention.
The Australian led after the opening round with a 66, showing glimpses of the form that won 10 titles in the 1990s.
After finishing on 11-under par, 133, with a second round that included his "best shot of the year", he expressed confidence in winning again.
"I won 10 tournaments in the 90s, and I have two young children that I have spent a lot of time with early on, and I'm only 39. I have plenty of time," said Elkington.
Mickelson had six birdies and two late bogeys en route to a 68. Among his birdies were putts of 25 and 30 feet and two more from 15 feet.
He said: "Well, you can't really shoot 11-under-par without making a lot of putts, and I have made a ton of putts this week, a lot of six-to-eight-footers.
The challenge for Elkington and Mickelson could be to hold off Retief Goosen and Padraig Harrington, who had two eagles each in their rounds and tied for third, just one shot back on 134.
Goosen, the quiet South African who recorded a dramatic win at last year's US Open, made his second eagle from 50 yards at the par-four 13th on his way to a 66.
Harrington, ranked 13th, eagled a pair of par-fives - the sixth and 18th - in his 65.
Several others have a chance this weekend, including Phil Tataurangi, who had the low round of the day with a bogey-free 64 that put him in a tie for fifth with Sweden's Jesper Parnevik on 135.
PGA champion David Toms heads a group of five players three shots back at 136.
Colin Montgomerie added a 70 to his opening 69, Luke Donald shot a 68 to finish on 141 and Lee Westwood is another stroke back after a 70.