Virginia Commonwealth reached the semifinals of the Battle 4 Atlantis and the Rams will meet Duke on Friday with a spot in the title game on the line. Memphis will take on Minnesota in the consolation bracket.
The Rams made 13-of-22 from beyond the arc with Graham hitting two of those long-range shots among his 26 points.
Virginia Commonwealth (3-1) built a 14-point halftime lead and Memphis came no closer than three during the second period. Rob Brandenberg added 15 points for the Rams and Troy Daniels had 12.
Memphis, which had won its first two games this season, was paced by Adonis Thomas with 19 points.