I'm afraid you're incorrectly criticizing the article and misunderstanding probability here. You are confusing probability at a given point with conditional probability at a different point.
First, let's get one thing clear. Bill is not defining "Safe" here as absolutely safe in a literal meaning, he's using it to mean that overcoming the odds would be astoundingly improbable. Exactly how improbable that would be was not really defined, but let's define it as less then 1 game in all the NCAA sanctioned games ever played (which does not mean that it hasn't happened).
Second, let's use a simpler example, say your coin flips. Let's look at the odds of getting 10 heads in a row. The absolute odds of that would be 0.5^10~=0.1% or about 1 in 1000. Not small enough for the definition above, but it'll work here.
Now assume that we start flipping, and you get 5 heads in a row! So now the probability that you will get a total of 10 heads in a row is really reduced to getting another 5 heads in a row. So now your probability of success is 0.5^5 ~=3% or about 3 in 100. That's 30x more likely!
However, that result is a conditional probability. It's the probability of getting 10 heads in a row given that you've already gotten 5 heads in a row. What your post claims is that because the conditional probability is much higher, that the original probability is too low. But it's not. The conditional probability does not affect the original probability.
Going back to Basketball, this means that Bill's assertion still holds, the chances of a team coming back from 20 points down with 5 minutes left is still vanishingly small, even if later they might close the score to 2 points with 30 seconds left. That is not the same thing as saying that their chances of coming back from 20 points down with 5 minutes left given that they've come back within 2 with 30 seconds left is vanishingly small (which is obviously not true). At that point they've already got their 9 heads coin flips in a row (the improbable/difficult part), getting the last one is relatively likely/easy.