The tournament includes 54 pros from the PGA, LPGA, Champions and Nationwide tours, as well as mini-tour players, club pros and amateurs.
Triplett, who last won at the Reno-Tahoe Open in 2003, finished 38th on the PGA Tour money list last season.
Watney, who shot a 67, and Palmer played at Del Monte.
Jeff Brehaut moved into contention with a 67 and is alone in second place at 8 under. Tommy Armour is another shot back after a 67.
Former tournament winner Olin Browne, JJ Jakovac and Kelli Kuehne, who shared a two-stroke lead after the first round, all faltered.
Browne shot a 72 and is 6 under, tied with former PGA Championship winner Rich Beem, who had a 69. Jakovac shot a 75 and Kuehne a 79 to fall back.
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