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Apparently the reason the replay official didn't overturn the call on the field is that he had only one replay to look at, and it didn't show the Oregon player touching the football before it travelled 10 yards. The replay official was being pressured to make a quick decision, apparently because of TV concerns, so based on the information he had he upheld the decision on the field.
Given that, it's an overreaction of the Pac-10 to suspend the replay official, and probably an overreaction to suspend the officiating crew as well. The suspensions appear to be an attempt to calm down the folks from Oklahoma, but it hasn't worked that way.