Live ball, clock not running

[Adam]

Stealing this from FB to generate discussion:

White leading by 2 points with 0:02.0 left, has one free throw left of what was two, calls a timeout. After the timeout, white pulls all their players other than the shooter all the way back to inside the defensive 3 point line. White misses the last free throw. Black allows the ball to land on the ground and instead of trying to make a play, they stand over it (kind of like a football player trying to down a punt). No action occurs other than a white player verbally suggests he pick the ball up and the black player says he won't because he is going to try to draw a foul on his 3/4 court shot when a white player comes to defend him.
Play is completely stopped. White is staying away, black is waiting for white to come over. Neither team has possession, though black is standing next to it.