This actually happened! Kent's Andre Parker recovered a blown punt return after the ball grazed a Towson player, only to return the recovered fumble toward his own goal. The only thing that stopped him from scoring a safety for Towson? Towson's punt return team, who foolishly tackled him before he could score them two points.
This is a cornucopia of stupidity, but hey, it's opening day. (And yes, the play should have been called dead, though there are some conflicting descriptions of how the rule plays out in the NCAA rulebook.) [TSN]
Update (9:18 p.m.): It turns out the whole play was called off and the referees concluded they should have (as noted above) called the play dead. They ended up placing the ball at Towson's 7 yard line, meaning in one play both teams and the referees screwed up in some rather big way.