-The passer to conserve yardage throws the ball forward into an area where there is no eligible Team A receiver.

A receiver is ineligible outside the boundary, therefore any throw outside the boundary that lands with time remaining and the QB was in the pocket, and attempting to 'conserve time' is therefore grounding...

The second that they determined that there was still time on the clock after the ball landed, they should have throw the flag for grounding. It would have resulted in the ball being placed from where Levitt threw it, with 1 second on the clock.