Check out this video
Here is the rule:
Basketball Officiating Calls NCAA Rule applies here, was the timeout request properly not awarded? NCAA says that a player that is airborne and momentum takes him out of bounds shall not be granted a timeout. Was the player airborne and falling out of bounds at the time of the request? This is a very close situation. NF Rules does not have such a provision, but it happens fast.
Hef did say at the time, he did not think it was reviewable, but that also sounds like he is unsure if it is or not.
No way should KSU kept the ball there, it's OK to say the refs screwed up, but it not OK to then go forward and reward the team for that screwup. Kind of like the 3 pointier KU made while we were shooting free throws 10 years ago.