I will not fault CPR for taking a knee.
I had hoped that he would try to do something with it. With the risk of an erratic throw I wouldn't throw it, though. As someone mentioned here, Nebraska was just sitting back waiting for a throw. I would try a running play and see what you can get. If you get a first down, the clock stops and you can run another play with more and more freedom as you get farther away from the shadows of your own goalpost. If it is going badly you can still run out the clock. The only risk is the turnover, but if you are running you don't have to worry about the bad pass, only the fumble. Remind the ball carriers about ball security and to not fight for one extra yard if you are wrapped up.
40 seconds with 3 timeouts, a tail wind and a kicker with a strong leg is an eternity. If you get beyond Nebraska FG range and you still have time (and a timeout) line up with your two best blocking WR's split out (Reynolds and Darks, maybe?) to one side and run that wheel route to ARob to that side and see what he can make happen. The QB (I'm talking to you, AA) needs to be reminded that if there is any danger with that throw whatsoever he needs to throw it into the 5th row of the stands or even drop to a knee and take a sack. The only receiver that seemed to be open with any consistency Saturday was ARob. Exploit that and get him into space with at a least a little blocking in front of him. Again if at any point it is not working, you can run the clock out.
I have to give XL K9 credit for the wheel route idea. He pointed out how open that play had been in the game.
I don't see it as any more risky than trying to go toe to toe with Nebraska (ranked #9/10 at the time, need I remind you) in OT. Our defense is a bend but don't break defense. There isn't much room to bend when they start their drive at the 25. For this same reason I applaud CPR's decision to go for the win at the end of the first OT.
I like this coach better and better all the time. That is pretty high praise considering I was so very pleased with him even last year.