Here's my stab at this weird situation.
The 10 sec. count doesn't apply here because the ball was never touched inbounds. As Tim said above, I would have waited for a bit, but not until something happened. Even though there was no reason (legally) to blow the whistle, I would have been a little preventative and blown it dead and went to the arrow. In doing so, I would have given a friendly reminder to both teams that the next time this happens it will be a delay of game "T".
What if no one touches the ball for 10 minutes?
Even though we, as officials, are supposed to "let the players decide the game", there are times (especially at this level) when we must take over. This is one of those times.
OK, guys. Tear me up.