Dated1, you're not thinkng clearly. Consider this:
At 700ft, landing gear and flaps out, you suddently discover engines don't have the power to maintain glide slope, you quickly know you're going down. Point the nose, try to stretch the glide to the runway, retract the flaps a notch to lower drag (but only a notch, because you don't have the airspeed). Quickly you realize you don't have the energy to make the runway, and this is ALL about energy.
You then see you can make the infield grass, but how fast do you want to set down on it, 140kts to 150kts? The undercarriage will be ripped off anyway in the soft grass and soil, so point the nose in the air near the stall, and touchdown at 108kts instead. Sure it'll be a hard touchdown and the undercarriage will be crushed and ripped off (was going to happen anyway), but you won't slide very far with much less energy to disintegrate the airframe structure. Also think of the undercarriage as a beneath the airframe crumple zone.
As I said this is ALL about energy, especially when contacting unpredictable terra firma instead of a hard straight runway. Keep the energy levels down on impact, and everyone lives.
All in all, this was outstanding airmanship, the results speak for themselves.