Who has the penalty option?

[slippery rock]

NCAA Rules.

Kicking team A, kicks off. Receiving team B returns the
ball to their 30 yardline.

Kicking team A is offsides. Receiving team B commits a dead ball Personal Foul Penalty.

The question who has the option and what are the options?

As I see it, the Receiving Team B, has the option. The first option is, if the Receiving Team B accepts the penalty, it would be for a re-kick from the 45 yardline. (A 5-yard penalty to the 30-and then a 15 yard penalty to the 45 yard penalty)

The second option is, if the Receiving team declines the penalty, then just the Personal Foul penalty is marked from the 30 yardline, back to the 15 yardline. Receiving team B starts from the 15.

Correct or not?

Thanks in advance.