That is a loaded question. The first question is are you speaking of Utah directly. If that is the case, Ludwig would still used the speed option (the play you are describing) often times on 3rd and short particularly with Huntley and Moss to the short side of the field. Less frequently with Rising and Bernard due to Thomas’ short yardage abilities. The zone read option which is technically Utah’s base run play, that everyone on this board loves so much, was what Bottari used on the drive against Iowa State where he pulled and ran for the big gain and the TD. The dump/shovel triple option has not been used since Meyer left with the exception of a couple of times in 2005 due to BJ’s discomfort with the play. The standard shotgun triple option with the dive and pitch option, again phased out in 2005. The wide option, used occasionally while Troy Taylor was OC where the play starts as a standard zone read and the third option is a lateral/linear forward pass to a wideout on the edge behind the line of scrimmage. And finally, the RPO, which as stated above is not actually a designed QB run at all.
Overall, the last true “wishbone” team was OU, The Nebraska I formation triple option ended with Solich. The service academies currently run a version of the flexbone and more modern shotgun based option attacks, GT with Paul Johnson was the last true “flex bone” offense left. So yes, the option is alive and well, it is just not your Grand Daddy’s option but all of the reads and principles are the same as they were when Darrel Royal, Bear Bryant, and Bill Yeoman were strolling the sidelines. It is just coming at you from different formations.
Remember, the option only works in the sense that it stresses the Defense by forcing defenders play their 1/11th rather than attacking the ball. This was why Bronco Mendenhall’s defenses always fared better that Whitt’s against Airforce. Less athletic players are typically more assignment sound by necessity. But I digress.
Utah @ 
Baylor 
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