Maybe. Most proponents of the spread punt formation view it as an aggressive punt formation. Specifically, the punt coverage team is already in their coverage lanes which reduces their need to run laterally, or it an angle, to get in their punt coverage lane. Theoretically, they get down the field faster. The shield is supposed to pick up any leakers, or people who blow the gap in between the spread splits. The problem with that formation is what we saw on Saturday. If somebody is willing to gamble and put four or five guys right over the deep snapper and come hard up the middle they can overwhelm the shield. The answer, of course, is to either call a timeout and go to a standard formation, or have a ready-made audible fake to take advantage of the fact that some of your punt coverage team has to be uncovered if the punt return team commits four or five guys to the center of the field. CU you did neither. If you watch, the deep snapper made no attempt to block anybody. I'm sure that is what he is coached to do, and the deep snapper, admittedly, has made tackles on the punt return team.
People who criticize the standard punt formation used in the NFL, usually point to what a waste it is to have five offensive lineman, who aren't particularly fast, nor good tacklers, committed to the punt team. Nobody said you had to use offensive linemen in the standard punt formation. There's no reason you couldn't use between tweeners like linebackers, tight ends and fullbacks to fill the four offensive line positions next to the snapper.
The spread formation simply invites the creative special-teams coordinator from the other team to exploit the gaps. It's stupid.