Mo Evans scored 22 with seven assists, Michael Calder added 14, and Max Landis had 13 with five assists for the Mastadons (9-4).
IPFW shot 59 percent from the field and outrebounded the Hatters 35-21, but Stetson made 16 of 23 3-pointers (70 percent) to stay close.
Trailing 40-34 at halftime, IPFW pulled ahead 61-54 on an 11-4 run in which Evans and Reed each scored four points. Luke Doyle's 3 sparked a 13-2 run and Stetson pulled away 74-67 with 8:13 to go, but IPFW replied with a 12-2 run to lead 84-79 at the 4:26 mark. Divine Myles pulled Stetson within 92-89 with 32 seconds left, but the Hatters got no closer.
Derick Newton scored 21 points and Luke Doyle added 14 with four 3-pointers for Stetson (4-8).