The Chargers were outscored by Riley 9-4 in the third period. Riley improved to 7-2 on the season.
Carroll was led by Huntington University recruit Tyler Ault, who put in 17 points in the loss.
Other Chargers offensive production came courtesy of Erik Ward, who totaled 10 points.
In the opening round of the tournament Wednesday morning, Carroll rode a solid second half to down South Side 53-41. The Archers (0-7) trailed just 26-24 at halftime. Carroll outscored South Side 27-17 over the final 16 minutes of play.
The Chargers forced the Archers into just 25 percent shooting from three-point range and out-rebounded them 25-16.
Carroll was paced by Ault, who scored 16 points and grabbed a team-best six boards. Ward added 14 points and five rebounds, while Cody Schoeff (four rebounds, three assists), Austin Hille (three assists) and Cam Bower (three assists) also contributed.
Purdue recruit Rapheal Davis led South Side with 18 points and seven rebounds, while Dustin Hall passed out four assists.
The Archers also dropped the consolation game Wednesday evening 71-64 to Fishers.
Davis poured in a game-high 33 points, while Hall notched a dozen points.
Carroll will close the tournament at 1 p.m. today against Fishers (4-4), while South Side plays Riley at 11 a.m.