To try to act like you were doing something else after being left hanging on a high five, fist bump, etc.
Comes from recent NBA basketball game where Phil Jackson, LA Lakers head coach, attempted to fist bump Kobe Bryant but was left hanging, and then tried to play it cool.
Jake: Shit. Do you think Ashley saw it?
Mark: No, you Phil Jacksoned pretty fast, I doubt anyone else saw it but me.