The reason that you reset the shot clock in this situation is that -- and most officials don't realize this -- you ALWAYS reset the shot clock after a held ball. That's NCAA Rule 2-14-6c.
The only exceptions to that (in the Men's game) are when there is team control and the defense causes the held ball or when there is team control and we don't know who caused the ball to go out of bounds. This assumes, in both cases, that the offensive team has the arrow, obviously.
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