I agree that the offense is the reason for the loss. Even after the review, Iowa only had to go 25 yards to kick the game winning field goal.
However, I still think this review is BS.
1. No one watching the game even consider the possibility that anything 'illegal' occurred, that includes the officials on the field, the players, coaches, fans and broadcasters. This happened right in front of Minnesota's bench and no one reacted or pointed this out or complained. Only the mysterious review official in Pittsburgh had thought that was an infraction.
2. The official O'Dey, in his response to Dochterman's question said they let the play happen knowing the could review to validate. Bullshit. The head official is 50 yards away from that play and he is watching to see if the punter gets hit, etc. he is not in a position to determine if DeJean uses an invalid fair catch signal. Plus per Ferentz, they only told Ferentz they were reviewing if Cooper was out of bounds. So if O'Dey saw an invalid catch signal, why not tell Ferentz they are reviewing that too? Answer, most likely, is they weren't aware of that, and only decided during the review to call it.
So even if you can justify the call based upon how the rule is written, my bigger concern is that the officials are clearly lying in their justification for overturning the TD. They were not aware of a possible invalid touch until the video reviewer ruled it. So the BIG Ten office should definitely take action about clearly dishonest response by O'Dey. And with so much money (gambling, etc.) riding on these games, you have to be honest, which I don't think the officials are in this case.