I would be willing to bet that NO coach in D1 would call a TO on the last play of the game because the QB is not in victory formation. You pull him aside after the game, thump him upside the head for calling a boneheaded play instead of the victory formation, and you move on. The chances of injury on any given play are so remote that you would never call a timeout on the last play because someone might get injured. That is nothing but hindsight talking. In the moment NO ONE calls a timeout or creates a penalty because of this.