What do timeouts do?

It's bad enough that the "primary" game (Overdrive) is just a stupid pick-a-play-as-fast-as-you-can spamfest, but then the Live Events that are somewhat close to being like actual football (unlike Overdrive!) can't even get the rules correct with timeouts, out-of-bounds, and basic clock management. 

I don't understand what EA Sports is doing when they had just been celebrating how Madden revolutionized the way the casual fan watches football by making them more knowledgeable about rules, defensive alignments, blocking schemes, etc. This version of Madden is not NFL football anymore; it's worse than backyard football.