I could speculate and pontificate all day long, but until I check my rule book it's uninformed opinion.
My first thought, however, is that the "penalties" don't offset. Only the free throws "offset."
Again, I need to look at the book this evening after I go out and get my son's hair cut (it was either that or get him a shirt that says, "D@mmit, I'm a boy and my dad gets pi$$ed when you call me a girl!") and buy a television.