A slightly interesting one

[JugglingReferee]

Here's the stich.

This actually happened in a provincial high school finals game.

Team W and Team L. (Named after the city they're from.) There is one official from the city of W and one from the city of L, to give a "neutral crew". Officials tell each team that they have no timeouts remaining. Twice. They also tell the players. The coaches each told their respective players that there are no timeouts left.

Tie game, 5 seconds to go. L1 on the line to shoot a 1-and-1. First shot misses. W1 rebounds. The LEAD official on the FT (now the TRAIL on the defensive missed-FT rebound) is from the city of W and twice ignores W2's request for a TO. W2 runs over to the ref from the city of L and requests a TO. The timeout is granted (in that the official blew his whistle - I do not know if he 'pointed' to the Team W bench). At the time of the whistle, there was 1.0 seconds on the clock. The clock runs out and the buzzer sounds.

What happens next?

I will post what the officials did later on, after a bunch of replies.