In the drastically revamped tour schedule, this event is the first of the 2014 season and for the first time in its history will reward the winner an invitation to the Masters.
Overton shot a bogey-free, 7-under 64 at the CordeValle Golf Club, a round highlighted by an eagle at the par-5 ninth.
Brian Harman was alone in second at 65 while Kyle Stanley was by himself in third at 66. Those at 67 included Jason Kokrak, Michael Putnam and J.J. Henry.
Hideki Matsuyama, the highest-ranked player in the world in the field at No. 30, shot a 70.
There will be six tournaments held during 2013 that will actually be a part of the 2014 schedule, including trips to Malaysia and China. There will then be a six-week break before the Tournament of Champions in Hawaii, which has traditionally been the season opener on the tour.