We've discussed this one every year for the past 3 years.
Option #1 - This is what I would do in a lower level game.
Option #2 - I agree. Too much can happen and I'm not going to let it happen and then have to clean it up.
Option #3 - At the varsity level this is what I would do and what I was told to do by Dick Knox. Some will argue that they have 5 seconds. Well, they have 5 seconds to inbound the ball but clearly, they have no intention of doing so. Delay of game warning works for me.
Option #4 - I'm not going there.
JMO, which is all any of us can express since it's not addressed in the books!