I just went back and rewatched that possession from the beginning. The ultimate explanation from the announcers was not true. In the original shot clock, Smith missed a layup off the rim and they reset the clock properly. Then Karaban’s shot didn’t hit the rim, but they improperly reset the clock.
In my opinion, they handled it incorrectly: it should have been UConn possession on the baseline with about 3 second on the shot clock. The basket should not have counted because it was released after the shot clock would have expired. However, it should not have been a turnover to Illinois because the reality on the floor was a reset shot clock, and the players responded to the live ruling. So, in my opinion, they made the wrong determination to count the basket and also offered a factually untrue explanation for that decision.