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Great discussion, but the clock has to start on the snap.
You have to ask yourself, why did the clock stop? If the answer was because of the penalty, then you start it on the ready. If it was stopped because of the result of the play, then it starts on the snap.
Another example...a running play for a TD, but the offense held during the play. The clock stopped because of the ball crossing the goal line. You bring the ball back, replay the down, and start the clock on the snap because it was not the penalty that stopped it.
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