Buechele threw a 26-yard TD pass to James Proche with 10:23 left in the fourth quarter and Jones ran for a 25-yard TD less than three minutes later, giving the Mustangs (10-2, 6-2 American) a 34-17 lead.
Tulane (6-6, 3-5) and SMU traded field goals in the final five minutes.
Jones ran 18 times for 125 yards. His first TD run made it 21-7 with 2:32 left in the first half.
Justin McMillan completed 22 of 37 passes for 242 yards for the Green Wave.
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