What result?

[rulesmaven]

Really enjoy this forum.

45 second shot clock; team A is leading by 1 point with about 50 seconds left and posession; team B elects to play defense and not foul. A1 holds ball near half court until just prior to expiration of shot clock, and then shoots a jumper very high into the gym, which misses the rim and backboard and lands out of bounds about the same time the buzzer sounds. Coach A is adamant that time should expire. Coach B admits he doesnt know the rule but thinks the game clock should be restored to when the shot clock expired, because the ball didn't hit the rim. After consultation, officials put 1 second on clock, ruling that is the time left on game clock when it became clear a violation had occurred. Everyone admitted confusion.

This happened some time ago, and I've never really been clear on what should have happened. Correct result?