The Nittany Lions advanced to the EIVA championship behind strong outings from John Kerr, Michael Valenzi, and Michal Kowal.
Penn State will now continue on to the Big Ten Tournament.
Toney was previously indefinite suspended after placing bets on NFL games.
Rice averaged 4.2 points during his freshman year with the Cornhuskers.
The after-hours event will take place from 4 to 8 p.m.
Daequan Hardy is undersized by NFL standards, but his athleticism and versatility could mask those doubts as the NFL Draft nears.