The sensible thing to deal with traditional time wasting is, as many have said, a rugby style independent timekeeper.
However, I see more and more a new kind of time wasting creeping into the game. This is the type practiced by Arsenal and other teams to either provide a ‘tactical timeout’ or to break up the rhythm of an opponent that is playing well.
This is where the keeper drops on the ground and the physios come on giving Arteta a few minutes to coach his team on the hour mark. The purpose isn’t to actually waste time per se (although the effect for spectators is the same), so the guarantee of time getting added on at the end won’t stop it. The only way this could be stopped is for play to simply carry on for any occasion when players are injured, even if it’s a goalkeeper or two centre backs.
Perhaps football should just bite the bullet and give teams two tactical timeouts they can use during a match like in Yankee sports. At least that way you’d know it is within the rules and limited in length and frequency.