Arrow and 5 second call

[tjones1]

Beginning 2nd quarter. White ball (arrow points to them). White fails to realize (I guess) that it is their ball after coming out of the huddle and the refs point and say white ball. Trailing official puts the ball down and starts counting, white never touches the ball and a 5 second violation is called. Blue inbounds and the game continues. My question: which way does the arrow point? Does it not change and stay with white? Or does blue get the ball and the arrow? Thanks