Hollins made 12-of-16 shots from the field and was 5-of-5 from outside the 3-point arc to help Minnesota improve to 4-1 on the season.
Memphis (2-2) lost for the second time in two days, having opened its play at the Battle 4 Atlantis tournament with a 78-65 loss to Virginia Commonwealth Thursday.
Hollins scored Minnesota's final 10 points of the first half as the Gophers claimed a 47-42 halftime lead.
Minnesota pushed its advantage to eight points midway through the half before the Tigers came back, grabbing a 68-67 lead with 6:13 to play when D.J. Stephens made a 3-pointer.
Minnesota then scored six straight to take back the lead and was able to put the game away through the closing 1:15 when Hollins hit 7-of-8 free throws and made the score 84-72 with a dunk with 11 seconds to go.
Rodney Williams scored 13 points and was the only other Minnesota player in double figures.
Memphis got 15 points from Stephens while Tarik Black added 13 points and Adonis Thomas and Shaq Goodwin each chipped in 12 for the Tigers.
2014: The Year in Music [PHOTOS]