The Gators downed the Spartans in the semifinals of the Legends Classic and will play Rutgers in the championship game on Saturday. Rutgers defeated Massachusetts earlier Friday 83-72.
Florida is unbeaten in its five games this season.
Michigan State Coach Tom Izzo remained tied with Jud Heathcote for the top spot in school history with 340 wins. Izzo joined Heathcote's staff in 1983 and became Michigan State's head coach in 1995.
The Spartans (4-1) were led by Kalin Lucas with 20 points.
Florida took a three-point lead on two free throws by Dan Werner with 17.3 seconds remaining.
Durrell Summers then missed a 3-point attempt, but grabbed a loose ball and fired up another try from the top of the key. That one bounced off the rim as time ran out.