The Spiders end their season with a 9-4 record.
Sacramento State, the #2 seed in the FCS playoffs, improves to 12-0.
Reece Udinski, the VMI transfer, was 21-of-39 for 216 yards, three TDs and one INT in the steady rain.
His final TD pass, a 21-yard strike to Leroy Henley, put the Spiders up 31-24 with 4:53 to go in the third quarter.
Sacramento State tied the game a minute into the fourth quarter on a 19-yard TD pass from Jake Dunniway to Marshel Martin, and took the lead later in the final period, on a 51-yard TD pass from Asher O’Hara to Pierre Williams.
Dunniway was 19-of-39 for 317 yards, a TD and three INTS for the Hornets through the air. Williams was 5-of-8 for 83 yards and two TDs, and had 53 yards on the ground.
Aaron Dykes had 103 yards on 20 carries for Richmond.
Jakob Herres, another VMI transfer, had seven catches for 58 yards for UR.