This is not correct. The key is in the wording of notified AND acknowledges. Time has nothing to do with it. A good habit is to let it go to VM and then check to make sure you didn't hose yourself. You have 10 minutes to acknowledge a time critical GS.

From section 23, page 23-42:
9. A pilot will be obligated to fly a GS or GSWC rotation if he is notified of and acknowledges the award.

10. If Crew Scheduling is unable to contact a pilot to inform him of the GS or GSWC award, the pilot will be bypassed without pay protection and the rotation(s) will be removed 2 from the pilot’s line and returned to open time.