I think the other interesting debater's point of the last 16 seconds of that game could be that the Fisher-Davis foul was actually a good strategy for Vanderbilt. With a 1 point deficit and the ball, assume the Cats run clock to get a final shot. In the last five minutes of the game, they had scored 2 or more points on more than half their possessions, and hence had a better than 50% chance to score and go ahead with almost no time for Vandy to run play and tie, and without a timeout, they could not set a play anyway.
On the other hand if you foul immediately (even Mac) here are the scenarios:
Mac misses both free throws and you rebound and win the game (a little less than 2%)
Mac misses one free throw and you either rebound (second shot miss) or get possession (1st shot miss), about a 20% chance. In this case, you do no worse than go to overtime, and based on a 50% efficiency in the last five minutes you have a 10% chance to win and a 10% chance of overtime.
Mac makes both free throws and you have 15 seconds to set and score, essentially winning the game (about a 50% chance based on last 5 minute efficiency). So this is 50% of a 78% chance, or 39%.
Add them up, and based on the fouling scenario, Vandy had about a 51% chance to win, a 10% chance at overtime, and a 39% chance to lose.
Let NU run its offense, and Vandy has a less than 50% chance to win.
The logic is similar to the "always go for 2" in football.