Both players finished with 22 points for the Panthers (13-9, 5-5 Horizon League), who led 55-54 when Averkamp sank a free throw. When his streak ended on another free throw with 4:46 left, Wisconsin-Milwaukee led 70-65.
No other Panther had a point for almost eight minutes as Averkamp outscored Valparaiso 15-11.
The Panthers led 80-73 with 2:08 left, but the Crusaders (10-12, 5-5) rallied and tied it 82-82 with 27 seconds left on Brandon McPherson's 3-pointer. That set the stage for Franklin's winner.
James Eayrs scored 17 points for the Panthers, including 15 in the first half.