Pereira's full of it.
Firstly, available evidence indicates that the side referee had blown the play dead and ND players had stopped playing due to the whistle.
But then, even if the play continued, there's enough question about his elbow being down before the ball broke the plane that you can't overturn the call on the field (and, by the same token, I would say that you couldn't have overturned a TD call). I think that most likely he was down, but the standard of review is higher even than that.
Not to mention that even if Stanford had been awarded the touchdown, and had converted the extra point (not necessarily a given the way the weather was), then ND would be on defense first in the second OT which is worth what, a 60-40 advantage?
Furthermore, I find all the whining about the refs being in ND's pocket funny because it was a Pac-12 crew. Has everyone forgotten how notorious the Pac-whatever has been in the past for being in the pocket of the Pac-whatever team? I can't say that they called the game unevenly, but I will say that Stanford's offensive line got away with at least two flagrant holds (in the style of an arm across the chest of an ND pass rusher going by the Stanford lineman) on plays that produced positive yardage. I'm not talking about the ticky-tack "you can call holding on any play" stuff, I'm talking obvious, flagrant holds that affected the play.