At first I was baffled, but I think they really did have only one time out and 3 more attempts at a touch down. What they did was absolutely logical now that I think about it.
The Patriots were stacking the box and they had three wide-outs. If they run now, they pretty much burn a time-out and a down. If they call a time out and switch out personnel, then their next attempt after that is almost certainly a pass.
This was basically their last attempt at exploiting any element of surprise with time and downs running out. If that ball was thrown better, it was a touchdown, game over, Seahawks win. If if was thrown away, the next to plays are hand offs to Lynch, and at least one of them likely makes it in.
I want to place the blame on Wilson, but this wasn't the first interception of the game, and this is a team game. If you eliminate the interceptions entirely, then this game probably isn't even close.
But in the end, the Patriots really played well and overcame their mistakes and the better team won. I know everyone hates the teams involved, as do I, but it really was a fun game to watch, and it was as close to the 1999 super bowl as anything we've seen in a while, right up to pass call at the end that people will probably question for a long time.