The Sooners (9-2, 7-1 Big 12) never led during regulation, overcoming double-digit deficits in both halves. Backup quarterback Blake Bell tied it with 4 seconds left on a 4-yard keeper on fourth-and-1.
Joseph Randle ran for 113 yards and matched his career-high with four touchdowns for Oklahoma State (7-4, 5-3), which settled for Quinn Sharp's 26-yard field goal in overtime.
On the Sooners' second play, Clay got through traffic at the line of scrimmage and then broke through attempted tackles by Daytawion Lowe and Shamiel Gary to score the game-winner and set off a celebration on Owen Field.
Oklahoma kept alive its chances for at least a share of the Big 12 championship and could win it outright by beating TCU next week if No. 7 Kansas State loses to Texas.
The first Bedlam overtime game set off an unusually giddy Oklahoma celebration on its home field. The Sooners had lost only three times at home in Bob Stoops' first 13 seasons but dropped games this season against Kansas State and Notre Dame.
Players ran around the field in celebration, joining fans in the stands in leaping up and down when "Jump Around" was blared over the loudspeaker.
With his second straight 500-yard passing game, Jones surpassed Texas Tech's Graham Harrell to become the Big 12's career passing leader. He also became the first Bowl Subdivision quarterback ever to throw for 3,000 yards and 26 touchdowns in four seasons.
He led Oklahoma's first fourth-quarter comeback victory in five years a week earlier, beating West Virginia 50-49 on a pass with 24 seconds left, and this time engineered a 17-play drive to give the Sooners a chance to win it beyond regulation — even though he wasn't on the field for the scoring play.
Clint Chelf threw for 240 yards and a touchdown and also ran for 63 yards for the Cowboys, who were trying to win on Owen Field for only the ninth time. They snapped an eight-game losing streak in the series last season, winning their first Big 12 championship in the process.
The Sooners wiped away double-digit deficits in both halves, rallying from an early 14-0 hole to tie it at halftime and then eliminating Oklahoma State's 11-point edge in the second half.
Jalen Saunders tied it at 38 on the second play of the fourth quarter, dodging three early tackles and racing 81 yards up the Sooners' sideline to score on a punt return.
Oklahoma State answered two possessions later, going 77 yards and taking a 45-38 lead on J.W. Walsh's 2-yard keeper with 10:41 remaining. The Cowboys sacked Jones on third down and forced an incomplete pass on fourth down to get the ball back with 7:07 to play, but went three-and-out to give it right back and set up Oklahoma's tying drive.
A handful of head-turning plays swung the game in opposite directions in a first half that wound up tied at 24. Lyndell Johnson picked off one of Jones' passes and returned it 46 yards to set up Randle's second touchdown run, a 3-yarder, as the Cowboys claimed an early 14-0 lead.
Aaron Colvin then snuffed out an Oklahoma State drive, diving for an interception on a Chelf pass that bounced off of receiver Josh Stewart's hands. The Sooners drove 81 yards to tie it at 17 on Jones' 9-yard strike to Saunders.
Stewart kept the Cowboys' ensuing drive going with a diving, left-handed stab for a 21-yard catch and Chelf picked up 36 yards on a throwback pass from Randle. Randle's 4-yard TD run gave OSU what would be a short-lived lead.
Kenny Stills answered Stewart's highlight catch by tipping a deflected pass back to himself and falling into the end zone for the tying score with 13 seconds left in the first half.
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