Redshirt sophomore guard Amari Carter, who finished with a career-high 26 points, dished out the game-winning assist to Siyeh Frazier with 15 seconds to go to push the Lady Lions past the Hoosiers.
Shakur Rasheed burst onto the scene with a 5-0 record, title at 197 lbs., and Most Outstanding Wrestler honor.
The Terrapins completed a second-half comeback behind a composed performance led by Anthony Cowans Jr.
Jeff Cook will take over the head coaching position left vacant by Bob Warming, who retired in November after eight seasons in charge of the Nittany Lions.
The Terrapins had lost just three games in conference play during their three years in the Big Ten, but the Lady Lions couldn't become the first conference team other than Ohio State to knock off Maryland during that stretch despite a huge performance from sophomore guard Jaida Travascio-Green.
Penn State rounded out the year with a dominant victory over winless Coppin State. The Nittany Lions head to College Park Tuesday to face Maryland.