This: Take a kneel down or run a play, leaving MSU with 5-6 seconds from the 50 yard line.
If you run around trying to waste time, 10 seconds is a LONG time ... and you run the risk of giving MSU the ball at the 40 yard line ... possibly near enough for a 57- or 58-yard FG attempt (and 3 points wins the game).
As for the punter ... once he drops the snap, sure, in RETROSPECT, just falling on the ball is better than what happened, but at the time, trying to get off a rugby punt may not be the worst idea, because falling on the ball allows a FG attempt also. Though not sure he was thinking about THAT in the literally 1-2 seconds he had a chance to consider his options. I suspect, like almost anyone, all he was thinking about in the split second after he dropped the ball was get the kick off somehow - that was his training and practice, after all.
I feel bad for the kid, but good for MSU and for RU ... dislike Michigan, dislike Harbaugh and dislike that so many fans think because Michigan is doing so well this year that RU should do the same thing and expect the same results (replace the coach) ... so I want Michigan to start losing, and then I want RU to beat Michigan.
You could do the RU holding thing, have the QB roll out of the pocket to right, stall as long as you can then heave the ball to endzone.....best case intercepted down field, 2nd case incomplete pass, but a huge amount of the time burned off clock...maybe all of it....