The Falcons (7-5) survived a turnover with 11 seconds left and Jalen Moore's 3-pointer at the buzzer to defeat the Aggies (10-3), who were making their MWC debut after leaving the Western Athletic Conference.
Air Force used a 9-0 run to produce a 39-34 lead at the half but the Aggies opened the second half with a 15-4 surge to go up 49-43.
Former Kentucky guard Ed Davender, the only Wildcat with at least 1,500 points and 400 assists, has died. He was 49.
Guard Naz Mitrou-Long, whose 2015-16 season ended in December due to hip problems, has been granted a hardship waiver for the coming season, Iowa State said.
As the Sooners look to life without superstar Buddy Hield and his sidekicks, it's clear their unseasoned players will need to grow up fast.