ESPN has the play by play with timeouts:
1st and 10 at MSU 22 Kirk Cousins pass complete to Le'Veon Bell for 3 yards to the MchSt 25. 31 31
2nd and 7 at MSU 25 Kirk Cousins pass incomplete to Keith Nichol.
3rd and 7 at MSU 25 Kirk Cousins pass complete to Le'Veon Bell for 9 yards to the MchSt 34 for a 1ST down.
1st and 10 at MSU 34 Kirk Cousins sacked by Brendan Kelly for a loss of 10 yards, fumbled, forced by Brendan Kelly, recovered by MchSt Dan France at the MchSt 24.
2nd and 20 at MSU 24 Timeout WISCONSIN, clock 00:42.
2nd and 20 at MSU 24 Kirk Cousins pass complete to B.J. Cunningham for 12 yards to the MchSt 36.
3rd and 8 at MSU 36 Timeout WISCONSIN, clock 00:30.
3rd and 8 at MSU 36 Kirk Cousins pass complete to Keshawn Martin for 11 yards to the MchSt 47 for a 1ST down.
1st and 10 at MSU 47 Kirk Cousins pass complete to Le'Veon Bell for 9 yards to the Wisc 44.
2nd and 1 at WIS 44 Timeout MICHIGAN ST, clock 00:10.
2nd and 1 at WIS 44 Kirk Cousins pass incomplete to Brian Linthicum, broken up by Aaron Henry.
3rd and 1 at WIS 44 Timeout WISCONSIN, clock 00:04.
3rd and 1 at WIS 44 Kirk Cousins pass complete to Keith Nichol for 44 yards for a TOUCHDOWN. 31 37
End of 4th Quarter
I will assume everything after the :30 timeout goes against MSU. They throw an incomplete pass. I will say that play takes 5 seconds. Then on 4th and 8 they punt from their own 36 yard line. That play takes 7 seconds. That gives Wisconsin the ball with 1 timeout and 18 seconds left. I will assume they take over from their own 30 yard line if the punt nets 35 yards. That gives them time for two plays to go 40 yards and leave enough time on the clock for a 50 yard FG attempt or that same hail mary pass.
The problem is calling the second timeout left Michigan State with 30 seconds to do what Wisconsin would have had 18 seconds to attempt. Since the pass play began at :04, Wisky would have run out of time.