I agree with your interpretation, but I also think you have to use some judgement as to what constitutes "holding him up." A couple of "chucks" is probably OK, but not letting the receiver off the line at all is probably going too far.
Here's a twist. What's the call when the QB, seeing his wideout getting repeatedly chucked, wings the ball over to his wideout, (with the ball sailing beyond the LOS)? Chances are the wideout is also using his hands, etc. to ward off the defender. Makes for an interesting call - or no call.
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kentref
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