I’ll take a hack at this.
I believe there is a 10-second runoff following an offensive penalty when there’s two minutes left in a half.
However, I took what the ref to say to mean that because the penalty occurred prior to a change in possession, the team receiving the ball (or gaining possession–the Coogs), could waive that runoff.
If we were inclined to run the clock down–say we’ve got a two or three score lead at the end of the second half, the refs would execute the runoff. But because we wanted a chance to score again, we waived the runoff.
Not 100% sure on this–but that’s my best guess.
And, yes, that annoys the crap out of me when there’s clearly something that is going on or has gone on and the announcers are seemingly oblivious to it. It’s kind of funny when the production crew re-runs a play showing something that could be an issue (stepping out of bounds, loose ball, non-called penalty, etc.) and the announcers are in another world and don’t pick up on the cue.