At every level of football there are (sportsmanship) forfeit rules in place for teams that try to create an infinite loop of events. Sometimes these things are done with the most malicious expectations. An example is a team is losing, so they have their offensive line jump and hit d-line. Over and over. Even if the defense accepts these penalties a referee can deem the situation unsportsmanlike and simply warn the offense. After three such times (if that) any crew I worked on would go over to the coach and warn them about their unsportsmanlike behavior and possible forfeit. If it happened on next play an ultimatum would be issued and then after that game would be forfeited.
I don't think this would ever happen at the major college or NFL level because coaches and teams may face harsh harsh penalties/suspensions. They have the same level of rules which generally allows referees to make the decisions upon discretion. This is a two-sided sword since a referee that ever made this decision would also be under as much scrutiny.
A real world example I have personally been involved with was a late game situation. There was 10 seconds on the clock and team had first and goal at the 1 with two timeouts. The defense stacked the line and jumped offsides 4 times in a row. Two of the times they barely jumped off, play ran, and during those plays 6 seconds came off the clock. On the third time I went and warned the defensive head coach that if his team kept jumping then I would award the offense the touchdown.
So on the 4th time we awarded offense a touchdown. This almost caused a riot. This was 15+ years ago and I was a young ref doing a big high school game. Today we would have gone the forfeit route but at the time awarding touchdown was the way to go.
Now offense goes up by 4 after XP try is good. We access 15 yard penalty against defensive team on the kickoff because we flagged the head coach and every assistant they had.
Offensive team muffs the kickoff (4 seconds left), damn them. The kids at this point haven't played a snap other than XP in 45 minutes. Returner breaks through and takes it to the house... but there was a holding flag so game over. I watched the tape and there was a holding on the play which was about 40 yards from the referee that threw it and on the other side of the field. I hate in any sport where referees determine winner and for the most part you should never remember the refs but I am thankful years later that the elder of the crew did the "right" thing.
Note: Rule 12, Section 3 would cover this in the NFL. In the NCAA Rules 9-2-3-b and -c and really the entire forward of the rulebook.
The rules committee reminds head coaches of their responsibility for
the behavior of their players before and after, as well as during, the
game. Players must be cautioned against pre-game unsportsmanlike
conduct on the field that can lead to confrontation between the teams.
Such action can lead to penalties enforced on the opening kickoff,
possibly including disqualification of players. Repeated occurrence of
such unsportsmanlike behavior by a team may result in punitive action
by the conference against the head coach and his institution
Disqualified Players ARTICLE 6. a. Any player or identified squad
member in uniform who commits two unsportsmanlike conduct fouls in the
same game shall be disqualified. b. A player disqualified from the
game must leave the playing enclosure under team supervision within a
reasonable amount of time after his disqualification. He must remain
out of view of the field of play under team supervision for the
duration of the game