Head coach Chris Mooney will defend his title against Virginia Tech's Buzz Williams.
Richmond advanced to the NIT Quarterfinals in 2015.
The Top 10 Richmond Men's Basketball Plays of the Year
Richmond men's basketball freshmen Chandler Diekvoss and Kadeem Smithen will be transferring from the program.
Richmond senior Kendall Anthony was named NABC All-District First Team, the National Association of Basketball Coaches (NABC) announced on Friday.
"It was just like Cameron. I thought the atmosphere was tremendous."
Miami used a strong second-half push to overcome Richmond and win a 63-61 decision to advance to the NIT Semifinals.
Richmond hosts Miami in the NIT Quarterfinals on Tuesday night on ESPN.
Due to the short turnaround time for Tuesday's NIT game, there will be no Spider Sportsline radio show Monday night.
The Spiders and Hurricanes will face off on Tuesday night.
Richmond (21-13) treated its home fans to yet another thrilling victory in the Robins Center, defeating Arizona State (18-16), 76-70 in overtime in the NIT Second Round.
The Spiders and Sun Devils face off with a trip to the NIT Quarterfinals on the line.