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The only action which possibly could have been taken is having the coaches agree to shorten a quarter. The Trail could have asked if Coach A was going to hold the ball and if Coach B was going to allow it or put on defensive pressure. With the proper info the referee does have the ability to shorten the quarter to prevent everyone from just standing around and waiting. Say put 30 seconds on the clock and just play that.
Not that I would have done this, but it is what I thought of about seven years ago after I officiated a girls postseason contest in which one team held the ball for both the second and third quarters.
Otherwise, there is nothing for the officials to do, but stand there and observe.
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