If I were doing it, I'd do it the old-fashioned way:
1. Lock off the camera. You can see from the lack of parallax in the perspective (look at the "horizon" line) that the camera does not tilt up to follow the ball - the ugly, clumsy, stupid "hand-held" camera look was added in post.
2. Have a couple of people on some kinda stepladder above the guy - one to catch the ball and one to drop the shoe.
3. Do as many takes as it takes to get a fairly seamless throw the ball up out of frame (and caught by one person), and the second person drop the shoe into frame.
4. Do a simple set extension to add some more height to the frame.
5. Create a couple of layers that are a still of the ball and a still of the shoe. Use these to continue the motion where the throw goes out of frame.
6. Do a quick Distort > Reshape to go from the ball to the shoe.
7. Add that crappy camera move to follow the ball. I hate deliberate camera wobble, whether added in post or deliberately done by the cameraman. It just looks stupid. Shame on you, NYPD Blue for making this ridiculous style popular. It looked utterly crap then and it still looks crap now.
The changing pattern on the ball is probably just a few animated shape layers tracked onto the ball, plus a decent amount of motion blur to blend it in.
That's how I'd do it, anyway. As with all thing visual effectsy, there are many ways to skin a cat (where did that expression originate?!).