Lil Red you are fairly close. I was trying to be kind when I indicated that the pcm does not know the gear and that if overspeed occurs it is because of a missed shift. An overspeed for that reason is very dangerous to the engine. The ability to synchronize in a missed shift is definitely a possibility with the Viper and most other transmissions. Unfortunately I can attest to the fact on the Viper. In that case it is just about like locking the tires as they slow down quite rapidly, given the rotating inertia of the Viper power train. I believe the 2-1 downshift when intending to upshift is the world's fastest way to change direction.
Someone earlier indicated that the engine will race by the fuel shut-off if in neutral. Not so. The forcing function for the engine to accelerate (or continue to increase in engine speed) ceases immediately when fuel flow is disrupted. No combustion, no force, no speed increase. The inertia that exists works heavily against a change in speed, up or down. However, the rapid on-off-on cycle can loosen most kidney stones.
Not much science to the current system. More sophisticated systems can limit engine output, preventing engine overspeed without completely shutting off fuel, and the rapid hot/cool cycles and positive/negative torque aspects, that single phase fuel shut-off systems create.