So let's see what options were available.
The BPD could investigate a report that a crime was committed or they could not investigate.
I'm pretty sure that not investigating a reported crime would look (and be) far worse than looking into the matter, so the option to ignore the original report is out of the question.
Next...
They could release information or keep it to themselves
They didn't immediately make a press release, they began the investigation. Early on, a citizen tweeted misinformation that spread like wildfire on social media. This left them with the option of letting people continue to have only misinformation on Lynch, or they could release the fact that they are in fact beginning an investigation which there was an allegation made. They chose to do the latter. Not only did they only release facts, they made it completely clear that they were not even sure if Lynch was actually involved.
Once they found out that there was no way that Lynch could be involved, they could have either continued with their investigation until it was complete or they could have sent out a new release exonerating Lynch. They chose the latter.
Each step of the process it seems clear to me that the best choice was made.
I do hope there is reporting on the final outcome, because i'm interested to find out what this whole report really is about and why Lynch was mentioned in the first place. I have my thoughts, but I'm interested to know the facts behind this case even though it's not really seahawks related anymore.