The quartet were tied on nine-under after 72 holes and set about playing the 18th for a second time to determine a winner. Holmes and Day birdied the hole, with English and Stallings eliminated after registering pars
At the par-three 16th, Holmes went over the green and then chipped to 12 feet before missing his par putt. Having hit an iron to within 15 feet Day was able to two-putt for his par and take the title.
It had been a tough day of running on the Torrey Pines South Course, with only six players shooting rounds of under 70.
Day endured a few shaky moments to set the clubhouse lead at nine-under, with Holmes, English and Stallings still out on the course.
Stallings sprung into contention with an eagle on 13 and registered a highly credible 69 on the day to earn his spot in the play-off.
Bogeys at 13 and 14 were a setback for English, but he held on over the closing holes to stick with the pacesetters.
It's Holmes who will be ruing his closing run though. Needing a birdie on 18 to win he took the strange decision to lay up, and after his wedge didn't hold up as he would have desired, the American faced a 20 foot putt for the win. He came agonisingly close to holing it, but saw his putt just sneak past.
The moment would come back to haunt Holmes as he was once again unable to make a lengthy putt under pressure on the second play-off hole, allowing Day to take the spoils.