Baylor (14-6, 5-2 Big 12) trailed by 16 in the second half before twice cutting the deficit to one. Sooners freshman guard Buddy Hield spun and drove for a bank shot with 1:06 left, and Pledger made two free throws with 8.6 seconds left.
Romero Osby added 11 points for Oklahoma (14-5, 5-2).
Big 12 scoring leader Pierre Jackson had 22 points for Baylor, but missed a 3-pointer with 3 seconds left. Brady Heslip got the ball after the missed shot and stepped back, but his shot rattled off the rim as time ran out, though his foot might have been on the line anyway.
Isaiah Austin, Baylor's 7-foot-1 freshman, had 19 points and 20 rebounds.
With a trio a top recruits from Philadelphia, the Penn State basketball program is primed to finally turn a corner.
Maryland point guard Melo Trimble, considered a lock to leave the program before struggling in the second half last season, has withdrawn from the NBA draft and will return for his junior season.
Louisville's Chinanu Onuaku, who recently underwent a medical procedure to correct a heart rhythm issue detected during the combine, will keep his name in the NBA draft pool.