Canaan finished with 23 points for the Racers (26-1), who logged a victory in their first-ever game as a ranked team against a ranked opponent.
Donte Poole added 11 points and six rebounds while Ed Daniel and Ivan Aska each donated eight points as Murray State recorded a third straight win following its only setback of the season.
Saint Mary's Matthew Dellavedova dished off six assists, giving him a school-record 512 for his career with the Gaels (23-5).
Dellavedova also scored 17 points in the loss.
2014: The Year in Music [PHOTOS]