I wouldn't even call this a handcuff situation. It's more like Jax or Carolina - they run the offense through the RBs so much, and they don't seem to have a designated short yardage back. They just kind of rotate each back in for 4 or 5 plays at a time. The exception here being that Ward appeared to be in for a majority of passing situations.
I'm a Jacobs owner, and I really have no problem with this. He still got plenty of touches, and should have had a couple more catches on screens if the timing wasn't all screwed up. I think there is plenty of work here for both backs. Jacobs is the easy favorite, but Ward should not be on the waiver wire in most leagues.