Mich St/Michigan Shot Clock Violation

[Fan10]

Did anyone see the Michigan State/Michigan game on CBS today? Just before the half, Michigan was inbounding right at half court with one second on the shot clock. On the inbounds pass, a Mich State player deflected the ball, and the ball shot high into the air. The shot clock (which was on the screen and you could see it above the goal on replays that CBS showed) clearly hit 0 while the ball was in the air. As it came down, the Mich State player caught it on a breakway, took it all the way to the hole, and scored a 3 point play.

The Michigan coaches claimed there should have been a shot clock violation since the Mich State player did not possess it when the clock reached 0. The officials went to the monitor, but the call stood.

Am I missing something? You could cleary see on replay the ball still in the air with the clock showing 0.