The face-off is scheduled at 4pm with the winner advancing to the semifinals on October 19, with the champion of the tournament getting P500,000 worth of scholarship grants.
With their best finish at third place, the Lancers escaped with a 70-67 victory over the Ken Bono-led Falcons last Monday at the UST gym to advance to the quarterfinals.
Fellow Cebuano bet, the University of Cebu Webmasters, were one-day tourists in Manila after bowing to former NCAA champion Letran Knights, 71-81 last week.
The Lancers, led by 6'8 center Rino Berame, will be out to settle an old issue with the Red Lions, who defeated them by 15 points last summer in a goodwill match here at the UV gym.
The Lancers are hoping for a sweet revenge but that will not come easy for them as 6'9 behemoth Nigerian Samuel Ekwe, who was named the NCAA Rookie-MVP, will be among the stumbling blocks that the Cebu bets are going to hurdle.
Certainly, the Red Lions who are still euphoric after ending a 28-year title drought in NCAA, will also rely on Final MVP Yousif Aljamal, a big man who is more comfortable with his outside shooting, Rogemar Menor and guard Pong Escobal.
Also out to give the much needed support for San Beda includes graduating guard Alex Angeles, Raymond Maggay, Riego Gamalinda, JR Tecson, Borgie Hermida, JR Taganas and Micah Evangelista.
They advanced into the round of eight after ousting the National University (NU) Bulldogs, 75-72, at the San Beda gym the other day.
The Lancers, who are certainly no pushovers in today's contest, can also rely on Jayfrod Rodriguez, Morsie Akad, Von Harry Lanete and Jaysar Esperat. On hand to provide the offensive support are rookies Chris Victor Dipuado, Ritchum Dennison and Mark Anthony Manigque.
Coach Elmer "Boy" Cabahug said they have already scouted Ekwe and their game plan would be to employ a quick double team against the Nigerian center aside from employing a quick recovery to an open man from San Beda in case Ekwe draws the double.
The ploy, according to Cabahug, is to prevent Berame from tiring out early and more importantly, to prevent him from committing fouls for him to stay longer in the floor.
Also involved in the rotation, putting body against Ekwe are rookies Lucky Pitogo and Eulogio Lasala, Jr.
Last year, the Lancers settled for third after beating the PCU Dolphins, 65-64, drawing the last-second basket from former MVP Mark Ababon.