2:18 was left after that play, with Miami having 1 Timeout left. If Gamble had been correctly ruled down inbounds, the clock would have been running after they moved the chains. So with Tressel killing the clock, this scenario would have been likely:
1:54 left when the first down play was snapped (play clock would have started at 25 after the 1st down)
1:50 left after the first down run was stopped and Miami calls the TO
1:46 left after the 2nd down play is over
1:07 left when the 3rd down play was snapped
1:03 left when the 3rd down play was over
0:24 left when the punt was snapped
0:18 seconds left after the ball was kicked well out of bounds around the 20 yard line.
So Miami would have had a slight chance to get in FG range. Unless JT was wily enough to take an intentional false start on 2nd or 3rd down, which would have allowed tOSU to kill the clock.