Calcavecchia climbed the leaderboard with a hot last seven holes, going 5-under par during the stretch to register a round of 5-under 67.
Perry, meanwhile, fired a 4-under 68 in an up-and-down final six holes that included an eagle, two birdies, a double-bogey and a bogey.
Sluman grabbed a share of the lead with a 2-under 70, while Cochran hung in with a 1-under 71. All the leaders were at 7-under 137, two shots ahead of the rest of the field at the TPC Snoqualmie Ridge.
Knotted at minus-5 were Chien Soon Lu, Bob Gilder and Chip Beck, all of whom registered 3-under 69s Saturday.
2014: NFL Cheerleaders [PHOTOS]
Michael Sam cut from the Dallas Cowboys