I also find this speculation interesting. The play before the final play, Oregon had too many men on the field. They stopped the clock to announce and then assess the penalty but the clock starts rolling again. Apparently, on certain penalties the clock starts right up again as opposed to others the clock doesn't start until the ball is snapped. tOSU doesn't see the clock running and once they see it, they can't call timeout because they only have the one left. So they ended up wasing about ten seconds at a critical time when they just needed a FG to win it.
Dan Patrick speculates that this was done on purpose to drain the clock. Rick Nuheisel (sp?) relays a story that this was done to him on the goal line right before halftime when he coached at UCLA>