Hakim Hart and Julian Reese combined for 32 points to help the Terps advance.
A tight family bond armed Young to face the disappointment of getting passed up on by his dream school, something that forced him away from home until a new coach prompted his return.
Coach Kevin Willard becomes the first coach in program history to lead a team to the national tournament in their inaugural season.
The Terps will find out their seeding in the NCAA tournament Sunday.
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.