There are a couple of ways to do what you want.
With the first method that you were thinking of, Freeze Frame is what you wish to apply for the, well Freeze Frame. A second way is to do an Export>Frame (creating a TIFF still image) and just insert it into your Clip, Razored at the proper place.
Another is to just track the "arrow" with Keyframing of the Effect>Motion>Position. You'd most easily do this by creating a Title, and using something like a font "arrow" from a font set like Wingdings, or Webdings. Set the size, color, Stroke, etc. and then Keyframe it's Position to follow the player.
Another method would be to highlight the player. This ARTICLE will explain that process. You can switch this on/off, as you deem fit.
BTW in PrPro, the term is Video Tracks, but they would be "Layers" in Photoshop.
Good luck, and let me know if you need more detail on any of these.
PS - Welcome to the forum
I wonder if the Tracking feature of After Effects would make this easier.
If one has AE and knows it well enough to use it in this instance, I'd say that it would be fine, though for ease of use, it'd be a toss-up for me. Since the OP does not need a pixel-for-pixel match, Keyframing in PrPro would be a snap with either the Title "arrow," or for the Track Matte Keying with maybe Levels, to "highlight" the player.
As of right now I am trying the method in your highlight article but I no matter what I cannot get Brightness & Contrast to appear as an effect on my Effect Controls for whatever reason.
Keyframing in PrPro would be a snap
That will depend on the motion of the player. There's a good chance it'll be easier to use the automated Tracking of AE. Having shot more than a few HS football games, I'd not want the hassle of trying to keyframe them around the screen.
OK, you got me on the "Rolling Title" one (thank you, BTW), but you will have to admit that either of us could either highlight, or follow with an arrow, any one player for a quarter, every play, in about 15 mins. To this old guy, that does qualify as a "snap." That's only about three sips of wine...
Heck, I've "followed" suspected UFO's, all over a screen with Keyframes in a few minutes. Now, if that client had needed me to overlay an animation of a UFO, and wanted it to match 100%, then AE would be the way to go. For an arrow - you could do that in your sleep.
Regarding your BMP (just came out of queue), you will want to make the arrow smaller, and orient it, so the viewer can know which player it's pointing at. You can also rotate it (with Keyframes, as is necessary, thoughout the play).
To end my "bickering" with Jim, do you have, and do you know Adobe After Effects?
I am a proponent on doing what you want to do in PrPro, as it's easy, regardless of the exact method that you choose to go.