Three things to point out.
1- The refs weren’t very good.
2- It was a bad call
3- The possession arrow should be abolished.
Similar to the knee down rule in College Football, it just doesn’t make sense to have anymore. It cost Wichita State an opportunity to tie the game.
As you can see from this gif provided by Larry Brown Sports and SB Nation, the refs called it entirely too quickly and it should have been Wichita State ball.
It is sad way to end a very good game.