"Rag it" means "rag it around the boards" or "shoot the puck around the boards."
Who exactly would he be talking to, within the context of this particular play, if he's yelling
"f##king rag it?" Also, why would he be looking at the ref while yelling
"f##king rag it?" Not to mention there was a missed hooking call against the Bolts seconds before in a game the Leafs are losing 4-1.
I think this is the league just not wanting this to become a big thing.
Edit: Nevermind. I was thinking of "ring it" not "rag it." I rescind my comments. 