The Lancers, who were the defending champions, scored 161 team points, finishing just seven points behind two-time defending NAIA champion Notre Dame. NCAA Division I Liberty finished third with 150.5 points.
Martinez, who finished second last year, did one better this year, defeating MIT's Sam Shames 5-4 to win the title in his final collegiate match.
Merrill, a redshirt freshman, defeated Liberty's Andrew Wilson 5-4 at heavyweight. Merrill, who was trailing 4-2 at the start of the third, got a two-point near fall in the final minute to tie the match and then won the title with a riding time advantage after spending the entire two-minute third period on top.
In all, the Lancers had four wrestlers in Saturday night's finals. In his first national championships, freshman Alex Anunciation narrowly fell to Brendan Murphy of Southern Illinois-Edwardsville 4-3 at 133 pounds. Cody Shivener of Notre Dame defeated Dylan Cataline 7-3 at 149.