Learn English – What does Not if mean here

To be up for the task means to be willing to do it, often in spite of the difficulties or challenges it poses.

To be "up to the task" means to be able to do it.

I can't claim to speak from an area of great experience here -I'm not much of a sports guy, but here's how I've usually interpreted the expression.

To punt is to close your eyes, kick the ball as hard as you can and hope for the best. It's basically the equivalent of giving up on formulating a viable strategy and just blindly swinging as hard as you can.

In American football a team that does not think it can score a touchdown may instead chose to give up on scoring and instead punt the ball further downfield to simply put the other team at a disadvantage. So "punting" literally means to kick strongly but usually implies either a lack of strategy, giving up, delaying or gambling.

It may have slightly different meanings depending on context. In politics "punting" is linked to the expression "kicking the can down the road", or dodging responsibility by leaving a mess for someone in the future to clean up. Perhaps the most frequent common usage is to "punt on" an issue or question by leaving it unaddressed. It appears the British (and possibly others) use the phrase to represent a large gamble, but I'm less familiar with this usage and the sports analogy may differ for rugby.

Since it is a slang term it may be difficult to say exactly what was intended here, there are a few different interpretations.

I suspect in this movie, the boss is telling him that he is screwed, and has no viable strategy remaining. So the boss is probably telling him either to "give up" or "pray".