Muskegon held a 2-1 edge after the first period but allowed four straight Capitol goals in the loss at Trinity Health Arena.
The two teams battled back and forth as Muskegon allowed Madison to score first on an Oliver Flynn goal.
The Jacks responded in the final minute of the first period with two goals less than 30 seconds apart. Owen Keef tied the score 1-1 with 32 seconds remaining and Michael Callow followed up with one second left.
Muskegon fell behind 3-2 in the second period after a Nathan Lewis power play goal for Madison. Matvei Grindin tied the score for Muskegon on his seventh goal of the season with 13 minutes left in the second.
Madison took a 4-3 lead on a Finn Brink goal to close out the second and then followed up with three goals in the third period. Lewis put the Capitols up 5-3 with back to back goals, completing a hat trick on the night. Ethan Elias finished off the Jacks with an empty net goal.
Muskegon added its last goal on a tally by Ethan Fredericks.
The Lumberjacks were outshot 34-28 as goalie Raythan Robbins took the loss in goal with 28 saves.
The loss officially cuts Muskegon (26-30-3) out of the Clark Cup Playoffs.
The Lumberjacks return to action on Saturday for a 7:05 pm puck drop at home against Madison.
Check out photos from the night shot by Sondra Workman.