By rule, time should come off the clock. My guess is that in an NCAA game with a TV monitor, they'd go to the monitor and adjust the time using a stopwatch to determine how much time would come off. In an NBA game, they'd take off at minimum .3 seconds off the clock. This actually happened earlier this year (Denver Nuggets vs. Chicago Bulls) where Denver missed a free throw and Chicago called timeout while gaining possession of the ball. Under NFHS, you can not correct a timing mistake unless you have knowledge of how much time should be on the clock.
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