Brown (4-3, 1-3) led 17-14 after Cody Taulbee ran one in from 1 yard out with 3:37 left to play.
However, Dexter Davis returned the ensuing kickoff 46 yards and Ragone completed two passes for 15 yards, then ran for another 6 to set up Loftus' game-tying field goal.
Ragone finished with 165 passing yards and 46 rushing yards.
The Bears took over with 2:12 remaining but Trevor Neimann picked off Patrick Donnelly's third pass of the possession, giving the Quakers (3-4, 3-1) the ball on the Brown 44.
Ragone then ran for 17 yards on two carries and completed a 2-yard pass to Eric Fiore to set up Loftus' game-winning 35-yard field goal.
Donnelly completed 30 of 47 passes but threw four interceptions.
Cary Chow and Adam Rittenberg discuss four marquee games on a weekend ripe with College Football Playoff implications.
No. 2 Alabama is a decided favorite at Auburn. Adam Rittenberg previews the Iron Bowl.
No. 3 Oklahoma travels to No. 11 Oklahoma State in a game which could end the Big 12 title race. Adam Rittenberg previews one of the biggest Bedlam games ever.
The Game features a pair of top-10 teams for the first time since 2006. Adam Rittenberg discusses the keys for each of No. 8 Ohio State and No. 10 Michigan to come away victorious.
The winner of No. 6 Notre Dame at No. 9 Stanford needs one of several things to go its way to reach to College Football Playoff. Adam Rittenberg breaks down Saturday's showdown in Palo Alto.
On Nov. 27, 2010, Oklahoma State's Brodrick Brown gave new meaning to the tip drill when he leaped out of bounds to deflect the ball back into play, where LB Shaun Lewis completed the improbable interception.