Pepperdine led 56-46 after Colbey Ross made three free throws with 8:51 to play. Tyler Williams started a 7-0 run with a 4-point play and Carter had the last eight points in the 11-0 run after a Waves' basket for a 66-60 Toreros lead with 32 seconds to play.
Ross, who scored San Diego's last eight points in the final 24 seconds, made it a one point game from the foul line but Isaiah Pineiro's free throw wrapped up the scoring.
Pineiro had 12 points and Williams and Carter 11 each for the Toreros (16-9, 7-6 West Coast Conference).
Ross had 20 points and Matthew Atewe had 19 points and 14 rebounds, both career highs, for the Waves (4-21, 1-12). Amadi Udenyi had three assists and became the fourth Pepperdine player to reach 400 for his career.
The rebuilding Wildcats are set to raise the 2018 national championship banner next week -- and also lower expectations for the season to come after multiple NBA departures.
Michigan coach John Beilein can't yell or throw a chest pass yet after his offseason heart surgery, but the coach says he is ready for the upcoming season -- and fully expects to be recovered by that time.
Former Memphis All-American and NBA All-Star Penny Hardaway tipped off his first camp as new coach of the Tigers, and he's "really anxious" to get to work.