I'm involved in a discussion on another board with the following scenarios.

Team A advances the ball and gains a 1st down. There's only 1 second remaining and Team A has no timeouts remaining.

Scenario #1 - The umpire should remain over the ball until the ready for play whistle is blown. The snapper cannot place his hands on the ball until the ready is blown. The offense must then set for 1 second before the ball is snapped. Before the ball can be snapped, time will expire.

Scenario #2 - The umpire should not remain over the ball until the ready for play whistle is blown. The snapper can place his hands on the ball prior to the ready whistle. The offense meets the one second requirement by being set prior to the ready. The snapper snaps the ball as soon as the ready whistle is blown.

Which scenario is the correct way to handle the play, 1, 2, or both?

Can a team actually get a play off under these conditions? Is the snapper allowed to touch the ball, prior to the ready whistle? In your area, does the U stand over the ball until the ready is blown?

I actually saw a play get off in a very similar situation on TV. Team A, down by three gained a first down, inbounds with 1 second left of the clock. The play which resulted in the first down covered approx. 30 yards. The field goal unit was on the field and set by the time the down marker was ready. (The chain crew had to move the 30 yds. in front of A's bench with the offence going off the field and the FG unit coming on.) The snapper snapped the ball on the ready whistle, the field goal was made and Team A won the game in overtime.
I believe that in these situations we need to get the ball ready with the same speed that we have been using all game. We shouldn't hurry or delay. As soon as the box is set, whistle the ball ready for play. Then, if A gets the play started before time expires let it go or if the clock runs out first, end the game. The one thing to make sure of is that A has everybody set and is in a legal formation.
I think it is legal for the center to have his hands on the ball before the ready.

The Referee must take care not to give either team an advantage by the timing of his ready for play. If he is too quick the offense may be deprived of a legitimate opportunity to put the ball in play, thus giving the defense an advantage. On the other hand, if he delays long enough for the offense to be set and therefore get off a play they would not otherwise been able to, then he is giving them an advantage.

With everyone in the hurryup mode, offense and defense alike, the umpire should stand over the ball only if there is a need to delay the ready - such as the chains being moved. The referee should then signal him away and blow the ready whistle promptly after the umpire has moved out of the way. This is especially important with only a few seconds remaining. It is an art to do this right, and it takes practice. Referees and Umpires who have been at it a while can make it look simple. Those who botch it up will have one coach or the other following them off the field (and probably a few fans, too!).

The snapper may touch the ball prior to the ready, and the offense may come set for the required one second prior to the ready.