Toledo, making his ninth start on the Champions Tour, parred the third extra hole to outlast Goodes.
Sauers had dropped out after the second hole at The Woodlands Country Club.
Toledo charged into the playoff after firing the low round of the day a 5-under-par 67. He was joined at 6-under-par 210 by third-round leader Sauers (74) and Goodes (72).
Jay Haas (67) and Barry Lane (71) finished knotted for sixth at 1-under.
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