From the rulebook: [ http://www.ncaapublications.com/productdownloads/BR11.pdf ]

Art. 9 Team followers, as in Rule 4-27, shall not commit an unsportsmanlike
act, including, but not limited to, the following:

Delaying the game by preventing the ball from being promptly made
live or by preventing continuous play, such as but not limited to,
followers entering the playing court before the player activity has
been terminated. When the delay does not interfere with play, it shall
be ignored. [emphasis mine]

So, a ref calling this game has the option of saying that an overzealous cheerleader did or did not "interfere" with play. Since most of the Pitt players were literally watching the ball bounce around and lollygagging their way back up the court, a reasonable person might conclude there was no interference. The one guy looking to inbound the ball had no one to throw the ball to anyway.

http://www.youtube.com/watch?v=2G5Y16pUgow

With 0.3 seconds left, the only way Pitt could have gotten a shot to win was some foolishness like this. Great win by the Cards today, despite the actions of the Cheerbuddy.

I hope that when the refs get graded on their performance today they receive deplorable evaluations (not just for this call though).