I'm well into my 40's so a bit rusty with the exact rules compared to those who still play, but what I will say is that any contentious fouls should come under scrutination by an official who specializes in that aspect, taking full advantage of modern technology.
In a game that has millions of pounds at stake, it isn't right that players can be sent off wrongly, as the outcome can't be changed.
It's fine referees admitting mistakes, but it's too late then. There should also be a deterrant for those players who wish to cheat, be it by feining injury, diving, handling, or assault. Once they know it will be reviewed on camera, they'll quit doing it.