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As a No. 2 seed Michigan State was poised to give No. 1 ranked Illinois a run if the Spartans could make it to the finals.
Iowa started off the season 12-1 in non-conference play, with its only loss coming in the finals of the Maui Invitational against eventual national champion, North Carolina.
Although, conference play was a struggle for the Hawkeyes, as they only managed a 7-9 record.
Nonetheless, the two teams went back and forth for most of the game, the Spartans led the Hawkeyes 58-55 with just under six minutes remaining.
Then Iowa went into attack mode, converting 10 of 15 free throws in the final stretch and took the lead.
Michigan State cut its deficit to one after a Shannon Brown three-pointer with 29.5 seconds left. The Spartans elected not to foul right away.
The Hawkeyes momentarily crumbled, turning the ball over and fouling Michigan State's best free-throw shooter, Alan Anderson.
Anderson, who was 87.7 percent from the line in the 2004-05 season, bricked both attempts and Jack Brownlee of the Hawkeyes secured the rebound and was fouled with 1.2 seconds left.
Brownlee missed the first, but made the second. Jeff Horner stole the Spartans' deep inbound pass to seal the victory.
Michigan State averaged 77.7 percent from the line that year, but was 15-30 against Iowa.
After this loss, Michigan State plummeted to a No. 5 seed for March Madness. However, the Spartans blitzed through the Austin Regional, including victories over Duke and Kentucky, making it to the Final Four.
Michigan State then lost to North Carolina.
Iowa lost to Wisconsin on a buzzer beater in the semifinals, but this win helped the Hawkeyes grab one of the last few at-large spots in the NCAA tournament.