Offline
Umm we should do this holding thing if a team needs a TD and is a considerable distance away from our endzone and there is only 13 seconds or so left (just enough time for two plays). Hold them and take the 5 yards but waste 8 seconds or so.
I think the way it plays out is that a good QB would recognize it (in this end-of-game scenario we're discussing, not the way it was used at the end of the half today). To hold the WRs, the DBs would have to be in fairly close/press coverage - rather than the prevent you would expect. If the QB sees this, he can throw it right away to minimize time lost. I don't think it would ever be eight seconds - that's a lot of time in that scenario.
There's also the risk that the WR gets free and is behind the defense.