Expected points and win probability say a field goal attempt there was very much the wrong decision.
In general, the likelihood you covert that 4th and 12 is around 25 percent. If you do that, you’re in the red zone. We don’t know exactly what this Carolina team will be as a red zone offense, but teams typically turn red zone possessions into touchdowns around 60 percent of the time on average. So, you’re looking at around a 15 percent touchdown outcome by going for it.
Play it out the other way. Tennessee had gone 3 and out on just 33 percent of their possessions in the game. Let’s say they make that stop, and get the ball back around the 25 yard line. You’re looking at around a 20 percent chance that drive ends in a touchdown. In other words, only about a 7 percent chance you get a touchdown in that scenario. Never mind, Parker White has hit only 55 percent of his field goals between 40-49 yards in his career, which adds yet another element of making this a dubious decision.