Honestly have to say this is a question I have never thought of before.
In the NBA, which I'm assuming the OP is referencing when he talks about a held ball situation, I would think the substitute would have to jump since it has to be the two players who were involved.
If we are talking NFHS or NCAA I don't know why we wouldn't let the coach put in a sub and have whoever he wanted be the new jumper.
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