American Kevin Chappell shot 63, the low round of the week, to join a group of six one stroke behind, while newly-crowned world number one Adam Scott (66) is among another group of seven only two strokes back.
However, so many players are in striking distance that the only thing that can be stated with confidence is that the winner will have to go low on Sunday.
Chappell had visions of shooting the magical 59 when he holed a bunker shot for eagle at the par-five 11th to go eight-under on the day.
He needed to pick up three more shots to break 60, but a bogey at the 14th hole brought him back to reality. Still, he had no complaints.
"I had to make a five-footer (on Friday) to make the cut and to then shoot seven-under, I couldn't ask for more," Chappell told PGATour.com.
"I used up a lot of luck today. I had two chip-ins and made some long putts. A 59 would have been nice but I lost the feel with the putter on the back nine."
World number 26 Matsuyama has been quiet the past couple of months due partly to a finger and wrist injury but he is now healthy again it was only time before he would regain form.
"Gradually, week by week my game has gotten better," said the 22-year-old. "I feel like I can compete now.
"I'm going to have to shoot lower than that tomorrow, but I'm going to do my best."
Toms, the 2011 champion, enjoyed a good day on one of his favourite courses.
"I didn’t get off to a very good start on Thursday but I've come back with two solid rounds to give myself a chance," said the 13-time PGA Tour winner.
"I like the course. I knocked a couple really close in the middle of my round and just played solid from there on in."
Halfway leader Brice Garnett shot a dismal 74 to fall into a tie for 25th but nonetheless ended the day only four strokes off the pace.
(Reporting by Andrew Both in Cary, North Carolina; Editing by Frank Pingue)
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