The seventh-seeded Tribe (20-13) rallied from a 21-point second-half deficit, trimming the marging to as few as two points before misfiring twice in the final 15 seconds on potential game-tying 3-pointers.
No. 2 Tulsa (23-10) advances to host No. 3 Murray State, which defeated No. 6 UTEP 81-66 on Tuesday.
Marcus Thornton scored 23 points in his final game in green and gold including 17 in the second half. William and Mary's all-time leading scorer finishes his college career with 2,178 points and ranks seventh on the CAA's all-time scoring list.
Omar Prewitt posted a double-double for William and Mary with 15 points and 11 rebounds.
Terry Tarpey also scored in double figures for the Tribe with 14.
William and Mary hit 11 3-pointers but shot only 33.8 percent from the field while Tulsa connected for 48.2 percent.