Kyle Visser scored 26 points and added 12 rebounds for Wake Forest (5-2), which had a chance to win after Gaines had a layup blocked with 7.9 seconds left. Gaines made up for the miscue by deflecting the inbounds pass to Visser, whose shot clanged off the rim as the buzzer sounded.
The two sides tied the score three times in the first 6:30 of the first half, but Humphrey hit a pair of 3-pointers and a jumper during a 12-4 run that put the Bulldogs up 22-15 with 9:32 left.
The Demon Deacons responded with an 15-2 run, capped by back-to-back layups by Smith, to grab the lead away from Georgia, which went without a field goal for more than three minutes after shooting 67 percent from the field in the first 12 minutes of the half.
The Bulldogs rallied to tie the score five times in the opening minutes of the second half, then equaled their biggest lead of the game when Humphrey's 3 with 12:21 left capped a 9-2 run to put Georgia up 66-59.
Wake Forest again rallied, going ahead 83-81 on two Michael Drum free throws with 3:43 remaining, only to see the Bulldogs respond with six straight points to go up 87-83 with 2:25 left.
The Demon Deacons had a chance to tie the score again with less than a minute to play after Williams was fouled by Dave Bliss on a drive to the basket with 45.1 seconds left, only to miss the second of two foul shots.