Cochran used the closing rally to post a final-round 5-under 67 and end 72 holes at 17-under-par 199 for his fifth career Champions Tour victory.
Frost, who had forged into the lead in the round's latter stages, settled for second place at minus-16 with a 6-under 66 at Prestonwood Country Club.
Claiming sole possession of third place at 14-under was Kirk Triplett, who recorded a 4-under 68.
Gary Hallberg (66) took fourth at 13-under 203 while Anders Forsbrand (69) and Michael Allen (70) divided fifth place at 11-under.
Celebrity Families of 2014 [PHOTOS]