Your either going straight squeeze or sacrifice squeeze. Both are very risky plays, especially when the runner at 3rd is potentially the winning run.
Straight squeeze relies on batter getting the bunt down, where he's essentially stealing home. Third basemen are taught to yell this out upon the runner breaking(on the start of a pitchers motion). Good pitchers are then taught to throw, depending on what pitch was called(what their grip is) the fastball head high and offspeed just above the ground(or in the dirt if you have supreme confidence in your catcher). This makes the ball extremely hard to bunt and often gets you a cheap out at home if the batter is not an EXTREMELY good bad pitch bunter. This is why it is RARE to see a true suicide squeeze. It's almost always only done with a good baserunner at third and one of your best bunters at the plate.
Sacrifice squeeze relies on the batter getting the bunt down(on the 3rd base side of the infield due to the distance of the throw, thus giving a runner longer to break home before the ball reaches first) and forcing the pitcher/3b to field the ball, while the runner at 3rd cheats down the line, and breaks home upon the throw to first. This is more reliable than a straight squeeze, but is still rolling the dice, because it is VERY susceptible to a pump fake to first, especially when a team suspects it is coming. We used to run a wheel play where we broke the 3rd baseman early, giving the runner at 3rd confidence to get a bigger secondary lead, but we'd wheel the shortstop in behind the runner at 3b once positive the ball would be bunted(isn't a slash). Then, the pitcher/3b pumpfake to first, the runner either goes or at the very least extends their lead, and you've got them dead at third when executed correctly. Worst case scenario, the runner at third stays close to home, and you've got the bases loaded and can now bring the corner infielders in(with 1 out) or all infielders in(with 0 outs) and have the force at home.
Like I say, both are risky plays. It's easy to second guess in hindsight simply because it didn't work and Renfroe k'd. I agree that we're getting FAR too many k's in these key situations where we just need balls in play, which IMO is largely due to the inexperience and the injuries in our lineup. We do not have a single healthy bat in the lineup right now that has greater than 1 yr worth of starting experience on the d1 level...