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Does anyone know what I'm talking about though?
I could've sworn I've heard of something where a guy waves his hands and yells down and then they can have one more play for a FG or something.
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I know what you're talking about- something like this happened a few years ago. I remember the coach talking about how they had practiced it, and they called it a "declare down" play. I can't remember the circumstances, or even whether it was college or NFL, though (if it were NCAA, it seems like kneeling down would be sufficient). And I'm pretty sure the clock doesn't automatically stop- you have to have a timeout, or do it on change of possession, etc.
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Here's some help for Thayer:
Giving Yourself Up
Q&A w/Jerry Markbreit:
Jerry, I noticed Sunday in Buffalo and Denver the officials were wearing new pants, was this for warmth? Also can you explain the "giving yourself up rule" at the end of the Tennessee-Indy? With 7 seconds left Tenn's squib kick was fielded by one of the up backs. Could he have downed the ball (taken a knee) to save time or does he needed to be touched before the whistle blows? --Manny Pasquale, Chicago
The black officials' pants with a white stripe are new cold weather gear. These pants are cold and wind resistant and allow the officials to wear other cold weather garments underneath. The officials' shirts for the 2006 season are a new design, as are the black pants.
If a player in possession of the ball voluntarily goes to the ground, making no attempt to advance, he is giving himself up, under the rule. The officials blow the whistle, ending the play. So, yes, the player could have taken a knee, giving himself up to save time.