Dechambeau had a 7-under 209 total at The Concession Golf Club.
Alabama-Birmingham's Paul Dunne was a stroke back after a 69.
Georgia led the team standings at 1 over, with the Bulldogs still on the course when play was stopped. Southern California was second at 4 over, also with holes to play.
After the round is completed, the top 15 schools and top nine individuals not on an advancing team will playing an additional round of stroke play to determine the top eight schools for match play and the 72-hole individual champion. The eight schools will then compete in match play for the team championship.