As far as I know the two minute warning was introduced purerly for advertising purposes not because of the "Hay guys there's two minutes left in the half" thing.
This would explain why college football doesn't have it.
EDIT: For the last three seasons Red Sox/Yanks have been the premier matchup in the AL, it's only fair that it gets hyped to hell. Remember the Niners/Cowboys playoff games all those years ago?
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