Forward C.J. Leslie and guard Lorenzo Brown led the Wolfpack with 16 points each. Guard Shabazz Napier led the Huskies with 19 points.
With N.C. State up 63-58 with a minute to play, fans stood at the Garden and chanted: "Wolf-pack." Other fans chanted "ACC" at the Huskies.
After the game, N.C. State's Leslie said about winning an event named for his school's former coach: "This one's for him, too."
The Hoyas scored the first nine points, led by 13 at the half and blew it open in the second half. Sophomore forward Otto Porter led the way with 14 points and eight rebounds.
"With the exception of foul shots and a few baskets in transition, I think they [Longhorns] had to work for everything," Georgetown coach John Thompson III said. "That's what we want to do: We want to make them earn their baskets."
N.C. State players wore special jerseys with Valvano's quote, "Don't Ever Give Up," across the back. During halftime, the Garden replayed the former ESPN analyst's "Never Give Up" speech from the 1993 ESPY Awards. He died a few months later.