The game was part of the Ice Man Classic at Eastern Michigan University.
Josh Piper scored 12 points for the Panthers (2-3), and Malcolm Herron and Morris Woods added 11 points apiece. Blanford had seven rebounds to lead EIU.
Kevin Harden led all scorers with 22 points for the Mastadons (2-3). Frank Gaines had 15 points and Mario Hines scored 10 for IPFW.
The game featured 11 ties and 12 lead changes. Eastern Illinois built an early 11-point lead but IPFW drew within 34-33 at halftime.