The clock issue twoniner brought up is making me think twice. Still, they've gotta be only maybe 10-15% to make the first down and even then a TD is by no means guaranteed. Plus the FP after a possible missed FG sure would be nice.
Put it this way, if they decline and give them the 44-yard FG attempt they give up 3*0.85 = about 2.5 points of expectation but then they get maybe 1.5 points of expectation the rest of the quarter given they get the ball with a nice amount of time left on the clock. So that's about -1 points of expectation.
If they give them 3rd and 16 from the 37, what are the possibilities? We'll give them a generous 15% shot to make the FD, 50% to make a short gain but not a FD and 35% for an inc pass. Pulling numbers out of my ass I'll go with:
.15 * -4.5 + .5 * -0.5 + .35 * 1 = -0.575
Lots of room for error there of course. But I don't think you can call this decision a slam dunk one way or the other.