The pilot's continuation of an unstabilized approach despite recognizing associated cues and the flight crew's decision not to initiate a go-around before touchdown, which resulted in a bounced landing, a loss of airplane control, a landing gear collapse, and a runway excursion. Contributing to the accident was the pilot's failure to deploy the speedbrakes during the initial touchdown, which may have prevented the runway excursion, and the pilot's attempt to go around after deployment of the thrust reversers.