Not as familiar with college rules. White has ball, white calls excessive timeout. Blue shoots free throws. Does white retain ball at spot where they called the time out? Or does blue retain possession after free throws. Thanks.

It depends on where you make that call.
 

In Men's Basketball the ball is put in at the Point of Interruption after the FTs

In Women's Basketball is just like NF Rules, loss of ball after the FTs.

Peace