Ambegaonkar et al 2011 compared 3 different methods of stabilizing an ankle; tape, lace-up and semi-rigid brace as well as unsupported. Subjects passed through a vertical jump, a right boomerang run test (for agility), and a modified bass balance test.
Interestingly, lacing up the ankle seemed to provide the greatest stabilizing effect. None of the methods had a significant effect on vertical jump or balance while all stabilization methods decreased agility.
Thus if an athlete is side-lined with an injury and only a few minutes are left in the game, if the game does not require a great degree of agility, it may be worth while to put the athlete back in (assuming the athlete has been scanned for other injuries and the risks explained). On the other hand, if it is a game of agility, keeping the athlete out may be worthwhile since he or she may seriously complicate the sprain quickly.