Richard capped his night with an outstanding floor routine and also topped the high bar scores on the way to building an all-around total of 85.60.
Malone, the 2022 high bar world champion who earned his third national title earlier this month after returning from career-threatening knee injuries, totalled 85.10.
Local Minneapolis favorite Shane Wiskus, who like Malone represented the United States at the Tokyo Olympics, was in third on 84.30 and Paul Juda fourth on 84.15.
Richard, a 20-year-old collegiate standout who helped the United States to world championships team bronze in Antwerp last year, and Malone were already top candidates for Paris berths.
Malone had staked his claim with an all-around victory over Richard at the US championships earlier this month -- his first all-around competition since he suffered a devastating knee injury coming off the high bar at a meeting in Germany in March of 2023.
On Thursday, Malone opened his trials by shedding his knee brace for his vault, sticking the landing to post the second-best score of the night of 14.60.
"Honestly, it feels way better to do vault without the brace on," said Malone, who donned a brace for floor exercise. "It was kind of hurting my shin a lot. So I've been training without it on vault and it's felt a lot better. My run feels way smoother and I mean, just sticking it was a cherry on top for sure."
Malone was second behind Richard on the high bar and third on rings.
Behind them, the picture for selectors was less clear as Yul Moldauer, Asher Hong, and Khoi Young -- all on the team that claimed bronze at worlds last year -- left themselves work to do.
Young had a terrible night, falling twice on pommel horse and failing to complete one element on high bar.
Moldauer and Hong were tied for fifth on 83.70, but Young was back in 12th.
Nerves are crazy
Malone said nerves likely played a role.
"All the guys out there that haven't made the Olympics before, this is their ticket to go," he said.
"Of course the nerves are going to be going crazy. And even us that have been to the Olympics before, we want to go again. The nerves are still there for sure."
The top men's all-around finisher gets an automatic Paris berth only if he also finishes in the top three in three of the six apparatus.
Men's programme director Brett McClure predicted before trials that when it came down to selecting five men "there's going to be some strategy to discuss -- strengths, weaknesses and also what the rest of the world is doing."
Meanwhile, Friday sees the start of women's competition, with a 15-strong field led by superstar Simone Biles chasing five Olympic berths.
The women's all-around leader after Sunday's second day of competition gains an automatic Olympic berth, with the other four to be decided by selectors based on their performances not only at trials but at events leading up to the week in Minneapolis.
