Bottom line:
There was contact from both players. Gallup had a right to free his arm because Ramsey clearly has his hand on Gallup's shoulder and his arm attempting to pin Gallup's arm. The refs in theory could have flagged Ramsey for Holding or PI (depending on if the ball was in the air, which I believe it was). If you don't make the call on Ramsey (which they didn't), then it should have been a "play on", due to hand-checking on both sides. This was not a blatant foul either way (and quite often not called), so considering the import of the moment the official should have eaten his flag instead of throwing it. As I've said before, Ramsey's flop was the deciding factor in making the call and that should have been flagged (unsportsmanlike conduct) if the play was replay eligible.