Senior guard Russ Smith netted 16 points with five assists, Terry Rozier had 14 points off the bench while Luke Hancock and Montrezl Harrel scored 13 apiece. Louisville (27-5) forced 26 turnovers which led to 44 points.
The Cardinals will take on Houston, who was a surprise winner over No. 25 SMU earlier, in the semis.
Myles Mack scored eight points and Kadeem Jack had seven with six rebounds for Rutgers (12-21), who led 7-6 early on before Louisville closed out the first half on a 52-9 run.