The term "lace out" has generally been used by commentators in the past to describe a perfect foot pass to a leading forward. The kick used is generally a drop punt, which spins backwards, the ball is kicked to a leading forward who marks it on his chest "lace out", referring hypothetically to the main laces at the area where the ball is pumped up. (Not the stitches that connect the four pieces of the ball but the main laces at the top centre.) So, when the forward has marked this ball on his chest, the back of the ball is hugged to him and theoretically the laces of the ball are facing outwards... it's not anything that is ever practised or realistically is aimed for, it is just a piece of verbal hyperbole used by the commentators when they say, "Look at that, delivered lace out to the forward", as if the delivery was perfectly crafted, gift-wrapped and delivered as if the ball was perfectly spun and landed symmetrically on the guy's chest.
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Lases out refers to the way a holder holds the ball for the place kicker. It is important for the holder to hold the ball with the laces out for the best results when the kickers foot strikes the ball.