Bae held the lead by himself briefly but was cooled off by a pair of bogeys on the back nine. Jacobson also held the solo lead for a bit but bogeyed 15 to fall back into a tie with Bae.
Rollins carded a 65 Friday and Merrick a 66, the same score as World No. 3 Like Donald, who grabbed fifth place at 7-under.
Matt Kuchar, who led Thursday, wound up ninth place after stumbling with two double bogeys and 73 for the round.
Phil Mickelson shot 67 and was tied for 13th at 4-under.
Swim Week Miami Beach 2014 [PHOTOS]