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Lag time went out years ago. The officials can correct the clock if they have "definite knowledge" of how much time should be on the clock. That is, only if one of them SAW the clock with, say, .5 seconds left, can they put time back up.
In most situations like the one you describe, the period will be over.
BTW, the ball touching the floor is irrelevant to starting and stopping the clock.
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Cheers,
mb
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