I'm with you regarding the authenticity of this photo. Knott was facing downfield on the play. Knott was on the hash marker nearest the Iowa bench. The pass came from the center of the field. Knott was facing the Iowa end zone, not the Iowa sideline.
No he wasn't. Watch the highlights video on Cyclones.TV at about the 5:30 mark. He was sprinting out to his right and was mostly facing the QB when he threw. He turned a little to his right while jumping to tip the ball and turned almost entirely toward the Iowa bench to catch the tipped ball.