Former champions Gremio booked their place in the last 16 with a 2-0 win away to Universidad de Chile and Brazilian champions Sao Paulo, already qualified, lost 2-1 away to Independiente Medellin.
Vanderlei Luxemburgo's Palmeiras were gifted an early lead in their all-Brazilian Group One match in Sao Paulo when they were awarded a penalty for handball after Pablo Armero's cross appeared to hit Sport defender Cesar Lucena in the chest.
Keirrison converted in the 15th minute.
Wilson equalised in first-half injury-time but then lifted up his shirt as he celebrated and was sent off for a second bookable offence.
Palmeiras pressed throughout the second half but were unable to force a winner.
Colo Colo and Sport have seven points from four games while Palmeiras and defending champions LDU have four apiece.
Former Brazil and Real Madrid coach Luxemburgo has won the Brazilian championship five times but the more prestigious Libertadores has eluded him.
Twice former champions Gremio made sure of a top-two finish in Group Seven with their win in Santiago.
Leo headed them in front from a rebound after Jonas' header hit the crossbar in the 31st minute and former Barcelona and Real Madrid striker Maxi Lopez latched on to Souza's perfectly-timed pass to slot in the second in the 62nd minute.
Universidad de Chile, second in the group with seven points from five games, had striker Juan Manuel Olivera sent off for an off-the-ball incident as they dropped six behind Gremio.
Independiente Medellin, who drew their first four games in Group Seven, boosted their chances as their win over Sao Paulo took them second with seven points.
Diego Cabrera and Rafael Castillo scored in the first half hour for the Colombians before Andre Lima pulled one back.
