I would handle this one of two ways. If I clearly saw the approach coming --that is, I saw that my dog was about ready to jump up and take what's in my hand -- I'd give a command that could NOT be done at the same time -- most likely, a Down.
This assumes, though, that your dog has good obedience skills and self control. If he does, give the Down command, and reward profusely. Do what is sometimes called "jackpotting": give small bits of treat but one right after another. The dog will feel like he's hit the jackpot more than if you give one large treat. The entire time, praise profusely. Act like he just won the Nobel Prize.
If Bodie doesn't have solid obedience, stop the game. Be reeaaally clear about what you're doing. My GSD loved soccer. I mean, he lived and breathed his soccer games. When he was young, he'd sometimes jump up to try to get his soccer balls out of my hands. I'd gasp (in my most hurt voice -- not angry -- rather hurt, disappointed. ) "Camper! Oh!" Then I'd simply say "No Soccer." And I'd go in the house (or pack up our stuff to go back to our car if we were elsewhere). And that was it. No Soccer meant "you blew it, Sweetie. Game over."
He'd run next to me, with his best obliging behavior. I didn't even need to leash him up. He'd be in a perfect heel as though to say "see, Mom? I can be perfect? Can I have another chance?" But I didn't give chances. I wanted the lesson to be perfectly clear. And consistency is very important.
It took Camper about 3 times to learn that HE controlled whether we played soccer. There were a couple of times that I'd see him start to leap (or get that bright look in his eyes, like he was going to), but he'd stop himself. Playing soccer was more important than grabbing the ball this one time.
I'm not a big fan of using corrections in this situation. Our dogs are doing this behavior because they're very excited. I don't believe in correcting happy excited dogs if I can possibly help it. Instead, I want them to learn that they control what happens in their lives. If we can teach our dogs self-discipline and self-control, it's something valuable that they will use in all aspects of their lives.
It worked perfectly. After the 3 or so incidents, he never jumped up on Dh or me for a soccer ball, frisbee, ball or another item again.