Rebounding action/ out-of bounds

[APG]

Originally Posted by just another ref

If both players are securely holding the ball while airborne, why would you not go with the held ball?

Usually there's a time element before calling a held ball. I can't imagine the period from which two players are airborne, hold onto the ball, then return to the floor as being long enough to decide whether they "have their hands so firmly on the ball that control cannot be obtained without undue roughness," though in theory it could happen.