Yes. I saw that story. And watched and rewatched the film.
Can’t really tell- there are some signs that Mitch Rossi was expecting the snap, and the punter seemed surprised to get the ball. So- maybe it was a fake punt???
Either way- it is 4th and 5 ( after being 1st and 35 due to absolutely bone headed personal foul by Gee Scott), you are at uM’s 38 yard line, you are down 24-20, midway through 3rd Q, you have arguably the best QB in CFB as well as WR, Michigan would be on especially high alert for a fake, and if you do punt it- high risk of a touchback so net gain of 13 yards.
The friends of mine who were there all said- with Stroud out there begging Day to go for it- they felt the air leave the stadium, and could visibly see the despair in the body language on the OSU bench. Remember- at that point in the game Stroud had completed 70% of his throws, no interceptions and no sacks.
There was an easy risk/return decision there- and Day turtled. And UM saw it- and players said as much afterward. Michigan only had one long, sustained TD drive in the game- and it happened right after that decision.