Correct Call?

At the sprint to begin a new quarter, White floats off the goal line clearly allowing Blue to have possession of the ball.  Recognizing this, five Blue players swim past the ball and go to set up their offense.  The sixth player begins dribbling the ball, but no one has actually touched it since it was thrown into the pool.  At what point does the game clock and/or the shot clock begin?  Under 11.1, it appears the clock does not begin because no one has touched it, yet Blue is in "possession" while the 30-second clock is not running.  This seems nit-picky, but it was a strategy I saw implemented this weekend.