NCAA Fake Punt and BBW

[Texas Aggie]

Discussion last night over this and just wanted to see if we are missing something. Team A lines up in Scrimmage Kick Formation and for whatever reason, the kick doesn't occur BUT the upback blocks a defender below the waist. The rule in Question (9-1-2-e-4) says "during a down in which there IS a FK or SK from SK Formation..."

I say there must be a kick while someone else disagreed (and I think their view is held by many). From the wording, there has to be a kick, but is there another relevant rule missing here?