The problem lies with the fact that there's no way to legitimately call this foul fairly in every single game. False start penalties are cut and dry - if you move before the ball is snapped, you lose five yards. But with this rule you're asking a referee (who many already argue don't do a very good job in the college game) to distinguish between taunting, celebrating and everything in between. In my opinion, this rule is the most subjective and unfair rule in all of college football.
There's no possible way to contain excitement when you take the lead on a big score with less than one minute to play. If I catch a 60-yard pass with 30 seconds left and I'm 10 yards ahead of the safety, you can bet your ass I'm going to throw my arms up and point to the crowd on my way to the end zone.
This rule is asking young football players to become robots on the football field and act like pristine cupcakes after - or before - they score a touchdown.
Tommie Frazier's 65-yard touchdown run in the 1996 Fiesta Bowl could be called taunting and the score could be reversed. Think about that - one of the most famous plays in all of Husker history could have been ruled ineligible.
It's something I just can't stomach.
FTFY