There were definitely Tennessee receivers in the end zone as Nico scrambled, and there was time for him to make a desperation attempt. It would have had about a 10% chance of succeeding, but the only chance on the path he decided to take was if someone grabbed his facemask or hit him out of bounds.
Here's the video. As he's rolling right, there's ample opportunity to throw it in the end zone (even though no one was open).