I'm sure this will split people up on whether you support this kind of behavior, but I am all for it. The initial dive didn't bother me all that much, but especially with the kickoff moved back to the 30, field position is vitally important. The dive was not necessary, and Mangino obviously wasn't a big fan of it. It isn't like he was affected, he went on to catch a TD pass later in the 4th quarter, and hopefully he won't do it again. I am rambling at this point, so just watch the YouTube...
Hat Tip: Bring on the Cats
UPDATE: I was late to the party, and has been appearing all over the internets, including EDSBS (read the comments for a back-and-forth on whether the penalty should be called or not) and Deadspin. Just for the record, here is my statement on the whole situation:
I don't have a problem with the dive, I think that penalizing a kid for simply jumping into the end zone is stupid. The NCAA has quite a few of these stupid rules, but that is just part of the game and you have to understand the rules, even the "stupid" rules. Raimond Pendleton needs to understand that you can't dive into the end zone, despite no good reason why, and field position is vitally important in college football. Mark Mangino's gasket-blowing was deserved, although his word choice (honestly, the "hot dog" reference has simply been a way to talk about Mangino's weight; wouldn't "showboating" worked just as well?) could have been better.