Substitue after Blood

[RookieDude]

We had our first Basketball Assoiciation Meeting last night and something came up while we were discussing the new rule revisions.
This year a player has to leave the game if he/she has blood on their uniform. (Just like last year) But, this year a coach may take a time out to "fix" the problem of blood and have the player return after the time out. If the blood problem is not fixed within the time limits of a time out, the Coach may call a successive time out...if there are any time outs left.
This question came up: "What if the Coach has no more time outs and the player is not ready to return...i.e. still has blood on uniform or finger still bleeding...and no player has reported before the 45 second horn on a 60 second time out?"
Most Veteran officials just said to tell the Coach to get a player in for the "bloodied" player. Some said to give the Coach a "warning" for delay and get a player in. Still others said you could "T" the Coach for not having a player checked in to the scorer's bench in time.
What is the correct procedure?

RookieDude