He wants to play.... when all this is taking place does he play-bow at any time? Him running and you chasing has turned it into a game for him.
Banks is a VERY rough player... she growls and barks the entire time she is playing, we have to wathc her body language to know she is not playing or is done playing.
And, if he drops the item before the command, ther eis no treat to be given.... if you give the treat before the command, he has trained YOU to give him something based on HIS action, not your command. If this happens, just pick up the item and go about your business, do not acknowledge anything took place.
One thing, just in case you ever think about this.... never throw something in the trash in front of the pup, if they are obsessed with an item and you remove it and then they never see it again, you can cause them to become 'resource guarding' which would need professional trainers to address.