Well, you can tell them you have been doing some extra studying and research on this play and start off by pointing them to rule 10 which has a subsection stating that any penalty can be declined.
You could then show them this play from Rom Gilberts FOOTBALL RULES & INTERPRETATIONS EXTENDING A PERIOD - 2003 play situations , Play #15 at
http://members.atlantic.net/~gilbertr/b-9721aw.htm
15. PLAY: 4th and 14 on A's 48. B37 catches A4's punt on B's 16 and advances to B's 47. Team A had an illegal formation. B86 holds on B's 46 during the punt. RULING: Team B could elect offsetting fouls and replay the down. Extend the period. If Team B declines offsetting fouls and Team A accepts the holding penalty, it is B's ball, 1st and 10, on B's 8. Extend the period. If Team B declines offsetting fouls and Team A decliness the holding penalty, the period ends.
You should order a copy of Rogers Reddings NCAA study guide which also has a play or two covering this. Or you can get a copy of the NF/NCAA football rules differences book as the two codes are different in this area.