The former world No 1 shot a third-round 76 for a three-round total of 216 to leave himself 14 shots behind the leader, Ben Crenshaw. Only the American, Mike Standly, has fared worse of the 70-strong field as Faldo failed to capitalise on his earlier scores of 71 and 69.
The Ulsterman, David Feherty, was also well off the pace, trailing by six after carding a 69.
Crenshaw sank a 30-foot birdie putt at the final hole for a one-under-par 70 and 11-under aggregate to pull away from a six-way tie for second involving Steve Lowery (65), John Adams (66), Vijay Singh (66), Billy Mayfair (67) and Jim Furyk (68).
There are 21 players within four shots of Crenshaw heading into the final round, including the second round co-leader, Hale Irwin - who shot 72 for a nine-under-par total - and Tom Watson, 71 for eight under.
Others within the four-stroke range include last week's winner, Phil Mickelson, who shot a 70 and is seven under, and Mark Calcavecchia, whose 66 brought him to eight under.Reuse content