Schauffele's charge continued with a hole-out for eagle on the short par-4 12th to get within one shot of the lead, and he closed with four birdies over his final five holes to post his final score of 23-under 269.
"This is the stuff you sort of dream about", Schauffele said after shooting a course record tying 62 to win.
McIlroy - making his debut at the event which consists only of PGA Tour winners from the previous calendar year - matched Woodland's 68 after carding three straight birdies through holes four to six and picking up another shot on the ninth.
Leishman shares fourth with boom American youngster Xander Schauffele but will have work to do on the back nine to ensure he has a chance to continue Australian success at the winners-only tournament. This is only my third year out here. I was hitting different shots, left to right, right to left, high to low - some things I wasn't maybe quite as comfortable doing a year ago.
The victory was the second of the season for Schauffele, who won his first World Golf Championships title in the fall at the HSBC Champions in Shanghai. "Honestly, it was a insane day", Schauffele said after signing for a 23-under total of 269.
Twitter has been reshaping and repositioning itself to be one of the best places when it comes to live sporting events. Two eagle chips he almost made, one hitting the left edge of the cup, the other stopping inches away in the heart.
"I don't think it will ever be easy because I still believe I was playing well enough to shoot 66 today", Woodland said.
'For me I started a lot of these final rounds like two back, three back, ' McIlroy said. Woodland hit his approach to just inside 12 feet, and made the second birdie of the day to tie for the lead.
They were tied with three holes to play, with Schauffele in the group ahead of Woodland.
"It turned into a birdie-fest coming down the stretch", said Schauffele after the lowest round of his PGA Tour career.
Rookie Cameron Champ (68) and Xander Schauffele (67) are keeping Thomas company at seven under, five adrift of Woodland.
His par left Woodland in solo second, and marked the seventh time he has failed to convert a 54-hole lead or share of the lead into a victory on the PGA Tour. My best round of the year [in 2018] was Bay Hill and I always go back to that and I should have learned from that. "I gave myself plenty of chances, I hit most of the fairways, I hit most of the greens, just couldn't get the ball to drop. Definitely will have a little extra emotion with me, but we'll get through it".
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