The world number one had posted a one-under-par 71 in the first round at TPC Sawgrass.
Chad Ramey’s 64 was just one short of equalling the course record.
McIlroy’s hopes of returning to world number one took a hit in the first round.
The top three-ranked players in the world will be grouped together at this week’s Players Championship.
Morikawa has missed the cut twice in his last three events.
The Saudi Arabia-backed breakaway venture was able to lure a host of top names away from the regular circuit with multi-million dollar de...
Also in the hunt on Sunday will be England’s Tyrrell Hatton, who sits outright third on seven under.
The American survived a triple-bogey seven to win by one shot.
The 30-year-old Californinan has never won on the PGA Tour.
Rahm already has three PGA Tour wins this year and has won five of his last nine tournaments.