Darnell Harris' 3-pointer with 1:04 left gave the Blue Raiders (4-1) a 72-63 lead. Jonathan Williams answered with a 3 for Toledo 17 seconds later, but Jaqawn Raymond made four free throws, Perrin Buford added two more and the Rockets were unable to get closer.
Raymond finished with 13 points and Buford joined Upshaw and Potts on the All-Tournament Team.
Nathan Boothe had 19 points and 12 rebounds for Toledo (4-2), earning the tourney's Most Outstanding Player honors in the loss. Jonathan Williams added a game-high 20 points and also joined the All-Tournament Team.
After a 32-all tie at halftime, the Blue Raiders opened the second with an 8-0 run. Toledo pulled within 52-51 but Middle Tennessee responded with 10 straight for its largest lead.