Officials are human. We have the benefit of seeing things on constant replay and loop while they are called on to make instant judgement calls that are sometimes wrong.
That being said I agree with the idea everything should be reviewable. This type of mistake potentially cost Troy the game and a spot in the NCAA tournament. Of course there is no way to know for sure but it's better to not take the chance away from the players. The fact not one of 3 officials noticed this makes me wonder if they were as focused on the game as they should have been.
Also what Coach Milton-Jones said was tacky. If I were the AD I would be having a serious discussion about that.