Grice carried the ball 22 times for 84 yards and his fourth TD run with 8:50 remaining in the fourth quarter gave the Sun Devils (2-0) a 32-24 lead.
The Badgers (2-1) narrowed the gap to 32-30 when Melvin Gordon scored on a 1-yard run and the 2-point conversion failed with 3:53 to go.
Wisconsin got the ball back at its own 17-yard line and Joel Stave marched them to the ASU 13 when he lined the team up for a "spike" play to center the ball in the middle of the field for a field-goal try.
As Stave placed the ball on the line of scrimmage in preparation for the play, an ASU player jumped on top of it, claiming it was a fumble.
The officials did not whistle a delay of game penalty, and instead let the clock run out to the dismay and disbelief of the Badgers.
Swim Week Miami Beach 2014 [PHOTOS]