It's hard to believe, but Shipp's shot was not unprecedented. In a stranger-tahn-fiction turn, the Pac-10 has seen similar shots before, and UCLA was even involved in one of the more egregious instacnes of such a shot being made. Unfortunately, UCLA then was on the receiving end of a circus shot. Circa 1984(?), UCLA was "victimized" by a last-second shot by an Oregon Duck who made a miraculous shot from the baseline as he was falling out of bounds. The shot clearly went over the backboard and even the announcers were confirming tht the shot did indeed go over the backboard. The shot tied the game and sent UCLA and Oregon to overtime, where Oregon won. The shot was not waved off. Is this karma for UCLA working in our favor after 24 years or so?
As a side note, be sure to enjoy the short shorts and cheesy 80's haircuts. Also, there is some interesting but not terribly pertinent discussion regarding the retention of then-coach Larry Farmer, another great Bruin but not-so-great coach. Farmer's firing led to the hiring of Walt Hazzard, who helped bring the Bruins to depths not seen since the days before Wooden and not seen again until Lavin's regime.
Even more unbelievably, this shot is available on video, courtesy of youtube. Major, major props to the poster on Bruinzone who found this clip.