Instead, it is Pana who secured their passage through as Milan's expense thanks to their 21-point win in the Italian's back yard last month.
The Greens can now secure home-court advantage in the play-offs with victory on the road at Unics Kazan next week.
In Athens, Pana took an early lead but soon trailed - a situation that remained for the rest of the match.
Nicolo Meli led Milan with 13 points, including three-from-three from beyond the arc, while Ioannis Bourousis and Antonis Fotis each weighed in with 12.
In Madrid, Real beat fellow Spaniards Unicaja Malaga 86-65 to keep alive their hopes of making the play-offs.
Madrid are now 3-2 and level in second place with Gescrap BB. Unicaja's awful season continues: they are now 0-5 and without a hope of progressing.
Barcelona moved into the play-offs with a 63-62 win at Cantu , securing a berth by improving their record to 5-0.
Barca fought back from a six-point fourth-quarter deficit to end Cantu's hopes and send Maccabi Tel Aviv through instead.
The Israeli side put themselves in a position to benefit from Cantu's defeat by beating Zalgiris Kaunas 70-66 at home.
Maccabi were trailing by 17 points in the second quarter but somehow rallied to take the game to the wire, when Keith Langford drained a clutch layup with 24 seconds left to send his side on their way to victory.
Rounding off the night's action, Fenerbahce Ulker came from 13 points down in the final quarter to beat Unics Kazan 94-87 in overtime.
In front of a raucous 12,000-strong crowd at the Ulker Sports Arena in Istanbul, the Turkish side stayed alive thanks to Bojan Bogdanovic's 20 points and Roko Ukic's buzzer beating jumper to take the game into overtime.
Ulker needed to win by six points to stay in with a chance of making the play-offs and in the additional period they managed to open up the required deficit before claiming a seven-point victory in a stunning finish to a thrilling match.