I agree with your decision, Rob.
I would offer a similar play in which both rebounders grasp the ball above their heads, but as they come down one pulls the ball into his chin causing the opponent to have his arms around this player's head and shoulders. I almost always go with the held ball prior to any foul occurring in this situation, which I believe is seen far more frequently than one player landing OOB.
Btw I have rarely gotten any grief for consistently causing the above a held ball rather than a foul. I say something such as "both had it cleanly up top--held ball."
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