At the risk of extending this discussion, let me make a few points. First, let's set the stage by providing the known information:
1. Iowa just scored a touchdown, they are 9 points down with just over one minute to play.
2. Iowa's offense has been poor for most of the game, Stanley has been sacked 6 times and completed 16 of 33 passes for an average of 11.0 yards per completion.
3. The running game has averaged 2.2 yards per carry in 38 attempts.
The Assumptions:
1. 2 point conversions are successfully executed 47% of the time (I am not challenging this as an overall average).
2. Iowa's offense is not average, they are well below average, thus the 47% average does not apply to Iowa's chances, especially in this game.
3. Given the time remaining, the probability of getting two more possessions is infinitesimal. So, you must preserve the possibility of a one possession game.
4. The best chance of preserving the one possession game is to kick the PAT because the risk of failure is significantly lower than the risk of failing to execute the 2 point conversion.
5. The game is at home, and if Iowa can play for a tie in regulation, they will have the advantage in overtime because of the crowd and the momentum from scoring their last two possessions. Thus, you play for the tie in regulation and plan to win in overtime.
The Logic:
1. Logically, you choose your course of action such that you have the best chance of ultimately winning the game. Admittedly, it is highly remote but you work your way through the possibilities and choose the one that's most favorable.
2. If you choose to attempt the 2 point conversion after the first TD and fail, you have effectively lost the game because you will not get two more possessions, given the time remaining.
3. If you kick the PAT (almost a certainty), you are still within one possession of a tie game. Of course, a lot of conditions must be true for that to happen but there is a remote possibility that you recover the onside kick and score a second TD in that last minute of regulation and complete the 2 point conversion.
Reasoning (rationale) versus Logic
I understand the reasoning of knowing what you need to do, but that should not be conflated with logic. Logic is not based on feel or intuition, it is objective and determined based on known information, and in this case, the most important aspect is the time remaining. Gambling on turning a potential one possession game into a certain two possession game is NOT logical. Saying it another way, knowing that you now need to score twice instead of once does not place your team in a better position to win, on the contrary, you have effectively guaranteed a loss because the time remaining is the key determinant. Finally, any analogy adding time to the clock materially changes the situation, and as such, is irrelevant to this particular game.