I recently had the pleasure of meeting Art Hyland. I presented him with this question, and before I could finish the question, he was nodding his head, obviously having heard it several times before.
His answer, paraphrased (but pretty close):
"The rules committee has not done a good job of being clear about that. But we've always put it in play at the spot closest to where the shot was taken."
I assume the "we" in that statement is Big East officials, but I didn't feel like I should take more of his time.
So according to the NCAA-M Rules Editor. . . I'm right.
