This was discussed in the chat room today, and I was asked about the exact rule since I have a NFL rule book. Here it is from the book. I wouldn't be surprised if we see something similar next year in the NCAA.
"Action to conserve time" - A team is not permitted to conserve time inside of one minute of either half by committing any of the following acts: fouls by either team that prevent the ball from being snapped (i.e. FST, ENC,… ING, IFP from beyond the LOS to conserve time, BBPass OOB’s to conserve time, and ANY other intentional foul that causes the clock to stop.
PENALTY: Loss of 5 yards unless a larger distance penalty is applicable. When committed by the offensive team with the clock running, officials will run 10 seconds of the game clock before permitting the ball to be put into play on the RFP signal. The clock will start on the RFP. If the offense has TO’s remaining it will have the option of using the TO in lieu of the 10-second runoff. If the action is by the defense, the play clock will be reset to 40 seconds and the game clock will start on the RFP signal. If the defense has TO’s remaining, it will have the option of using the TO in lieu of the game clock being started. NOTE: There can never be a 10 second runoff against the defense.