What is required for the ball to remain in play during a held ball situation?

In a held ball situation, for play to continue without interruption, possession indeed needs to be established by one of the teams. A held ball occurs when two players from opposing teams simultaneously hold the ball, and the officials determine that neither player has clear control. In order for the ball to remain in play and for the game to continue, possession must then be awarded to one team or the other.

Other conditions such as having both players on the ground or the ball being in the air do not affect the status of the held ball directly. Additionally, the requirement for one foot being in bounds is not relevant to the concept of a held ball. Therefore, a clear possession determination is essential for the game to proceed, making this the correct choice.