My first instinct as R would have been to stop the clock as soon as I saw the Hawaii player run into the C -- intentionally or not, but very quickly start it as soon as the C had the ball and WAS GETTING READY TO SPOT IT. Not when he actually spotted it. Thus, the likelihood of a play going off would be very slim. However, I don't fault the view of the conference at all. If the runner wants time, he needs to get out of bounds.
I think the clock hit 14 just as the player was down, so at worse, the play clock is at 26 -- nowhere near when we MUST have the ball down. I would, as LJ, toss that ball back in, but I honestly don't see a mistake here. If a call in the first quarter is a call in the fourth, why isn't a spot (or more precisely, the time it takes to spot a ball) the same?