6 Quarters Played? Game Forfiet?

[BSL]

I am from Indiana and a newly licensed official and an assistant boys varsity basketball coach in Indiana. I was coaching and had a situation last night that the opposing team had a player that had already played 3 quarters in the JV game and came in the 2nd & 3rd quarter of the Varsity game (5 quarters played which is legal). I figured the coach knew the player was done for the night after the 3rd quarter was done because he substituted for the player. About half way through the 4th quarter this same player gets up from the bench and reports in. The official beckons him in and then the scorers bench realize this was an illegal substitution since he has no quarters left and calls the official over. I encourage the official, (Putting my coaches hat on), that even though the ball has not become live yet that they should still at least get a technical. Well he charges the two shot technical and awards the ball to our team and lets the player stay in the game. I asked the official why he is staying in the game and he said it is similar to an excessive time out. The player basically bought his way into the game. My question is, is this just a technical or a GAME FORFIET for the other team? I have had a few people mentioning after the game that it was a Forfiet.

Thanks for any responses
BSL