Once you know how the rest of the game plays out, it's easier to say what could/should have been done.
At the time - 3rd & Goal with 2:44 left - the decision was between making Texas use a time out or going for more points, which would have made Texas score two TDs, not a TD and a FG. I don't think going for more points was a bad choice.
Texas didn't even need to use any of their timeouts to get inside Washington's 10 yard line. And they could have saved about as much as a timeout would have saved by kicking the FG earlier on the ensuing drive. So I don't think it's accurate to say Texas wouldn't have touched the ball again. Too many variables.