The player with the ball has an amount of time with the ball, and if tackled, without disposing (passing it) the footy legally, and having had prior opportunity (time to do so) is penalised for ‘holding the ball’.
Legally disposing is handballing or kicking the ball towards an opponent, illegally is just letting the ball go (very subjective).
You will often hear the crowd yell ‘Ball’, when it’s reasonably obvious that the player is ‘holding the ball’.
Cats are in the top 6, so they have to win each game they play. The format this year is different. Top 4 get the usual 2nd chance, and home advantage for first two games. 5 & 6 get a week off and progress to a playoff against the winners of 7 vs 10, 8 vs 9. However it’s not unusual for a week off to backfire, if the other team are hitting form.