It would be a dumb rule, if teams want to play fast, then let them.
The real issue is the officials. They get caught up in fast paced games and its even worse in the Big 12 since the league added an additional official to just spot the ball. If officials were consistent in the methods/procedures they use for spotting the ball and getting into possession before they allow play to restart this wouldn't be nearly as big of a deal. However, they get caught up and often times they look like they are just running around crazy and often end up in poor position to make calls, see plays, and allow for substitutions (like they are supposed to already).