How does the "punt or play" decision work?

In NFL FLAG a "punt" is a declaration: possession simply changes.

• Each possession starts at your own 5-yard line with 4 downs to cross midfield, then 3 downs to score.
• On a 4th down short of midfield, the referee asks the head coach to declare "punt" or "play". You must answer immediately or risk a delay of game penalty (-5 and loss of down).
• Punt: the other team starts a new possession from its own 5-yard line.
• Play: if you don't cross midfield, the other team takes over where the 4th down ended.
• You can use a timeout to change a "play" declaration any time before the play clock expires.
• After crossing midfield, if you don't score by 3rd down, the other team starts at its own 5-yard line.