I agree with Cire that the chains should not have been moved after the holding penalty, except this is the Big XIi which moves fast so I am assuming the refs were trying to hurry down and move the chains before they realized it was a penalty call. Once that happened they reset the chains wrong.
I disagree with Chingon's statement. The ball was on the 39 with a 4th and 4. If Gundy goes for it and does not get the first, he gives the Wildcats a short field with enough time to at least get in field goal range and put more points on the board. I have no doubt that he would have attempted a field goal or worse for OSU punted the ball. Either way we went into the half up by 8 instead of 12 or 15. Yeah that was a costly mistake by the refs.