Officials just BLEW a call in the Civil War, w/ Rose Bowl implications. Why aren't offical errors reviewable?

Oregon @ Oregon State "Civil War" game: The official standing right next to the QB blew the ball dead, while the QB was still on his feet, and everybody was still moving. The ball popped out and was coming down to the ground BEFORE the official blew the whistle. An OSU player picked upo the "dead" ball, which would have been live in every other case, and ran it in. However, being called dead, the botched play was not reviewable. Why is this not so? Officials are supposed to enforce fairness in the game, not possibly affect the outcome.

The official who made the botched call was over with the referee, talking to the OSU, and you could read it on his face -- he screwed up and he knew it. Why are these mistakes allowed to stand?