The key was not throwing the ball away. You have a veteran QB, but it's obvious the coaching staff didn't emphasize keep the clock running or the pass would have not been thrown.
Penix could have taken a 10 yard sack and they would have still been in goid shape for an easy FG.
It really was a critical mistake. If that final pass isn't broken up, all the coaching mistakes would come to light.
The hole thing is about managing risk against time. When you're ahead, the clock is your friend. You want to burn the clock with the least amount of risk.
Texas keeping their timeout from thr incomplete pass and official timeout for a Washington injury saved 60 - 80 seconds for Texas. Handing the ball off doesn't take any more time off the clock than the QB dancing in the pocket and talking a knee. The QB keeping the ball reduces risk of a turnover and injury.
The drama could have been avoided with better decision making. It was exciting to watch though.