Here's another interesting officiating situation from this past week.
Poor communication seems to have been the big issue.

http://sports.espn.go.com/ncb/news/story?id=1972445

I do believe that this is incorrect though:

"Under SEC rules, the play could not be reviewed with 1.8 seconds left because the officials had to wait until the next dead-ball situation at which a substitution would be allowed. While made baskets do stop the clock in the final minute of the game, the breaks are not considered dead-ball situations, Peevy said."

I agree that subs are not allowed, but it is certainly a dead ball and the play could have been looked at right then, but doesn't have to be.

My only thought is that the SEC has its own 'in-house' guidelines for when to go to the monitor in a situation like that. They very well might not want to delay a close game with 2 seconds left (although it would obviously put one team at a disadvantage - imagine a situation where team A puts up a 2 thinking they've tied the game and then they find out that they lost by one. Ouch.)

Presuming the article is correct, the rule seems to state that they can only review the try at a dead ball in which substitute are allowed to enter the game, not any dead ball. Therefore the officials could not review according to the rule.