Brazil were eliminated at the FIBA Americas Championship after an 89-72 loss to Panama on Friday.
Trevor Gaskins scored a game-high 23 points as Panama booked their place in the second round, sending Brazil packing in Mexico.
Despite the tournament also acting as qualifying for the Olympics, Brazil's place - as hosts - is already booked for Rio.
They finished bottom of Group A with just one win, despite the efforts of Vitor Benite (21 points) on Friday.
Panama stormed home in the second half to secure their win, outscoring Brazil 50-33.
Mexico completed an unbeaten group stage with a 78-63 victory over Uruguay thanks to a fine performance by Gustavo Ayon.
Ayon had 23 points, 14 rebounds and six assists in the win.
In Group B, Argentina also made it four wins from as many games after a 77-68 victory against Venezuela.
Luis Scola had a double-double of 26 points and 10 rebounds to set up the win.
Andrew Wiggins' 19 points helped Canada to a 112-92 win against Puerto Rico.
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