The Hoosiers went on a 20-2 run in the second half that eliminated the Terps at the quarterfinal stage.
The senior dropped 20 points and hit a joint season-high four threes in the Terps' win over Minnesota.
The Terps will play Indiana on Friday evening in the quarterfinal round.
The bottom-seeded Golden Gophers will take on the Terps after defeating the Cornhuskers Wednesday.
Carey is the only Terp to win a conference tournament championship.
Young garnered second team honors for the Terps.
The Terps ended their regular season on a sour note against the Nittany Lions.
The Terps lead by as much as 16 but suffered their ninth away defeat in Big Ten play this year in their regular-season finale.
The Terps are 2-8 this year on the road after their loss to Ohio State.
The Terps dropped their eighth conference road bout with the loss.