The Gaels (2-1) will now face the University of Illinois-Chicago in the loser's bracket finals on Monday at 5 p.m.
Iona scored the game's first eight points, led 30-3 midway through the opening half and 48-11 after Tre Bowman's basket 5 minutes, 19 seconds before halftime. The Gaels hit 18 of their first 25 shots, including eight of their first nine 3-pointers.
Armand buried seven 3-pointers, and the Gaels knocked down 14 as a team. Jones and Armand each doled out six assists. Bowman added 15 points for Iona.
Wake Forest (1-2) misfired on 13 of its first 14 shots. The Demon Deacons, who face Mercer on Monday at 3:30 p.m., were led by Travis McKie's 13 points.
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