Murray State's T.J. Sapp scored to tie it at 60 with 1:55 to play. Bailey answered with a jumper to give Portland a 62-60 lead with 28 seconds to go before Cameron Payne split a pair of free throws to pull Murray State within one with 15 seconds remaining.
Jeffery Moss forced a Portland turnover, but Sapp missed a 3-pointer with 3 seconds left. Bailey then made two free throws to seal it.
Thomas van der Mars scored 10 points and grabbed 13 rebounds for Portland (4-0).