You reveal Red Herring in your hand as you activate its ability, but you choose which spell or permanent to exchange as the ability resolves. No player may take actions between the time you choose a spell or permanent and the time you make the exchange.

If Red Herring leaves your hand before its ability resolves, you can’t exchange it or change the target of a spell.

If Red Herring isn’t a legal target for a spell or ability that targets the returned spell or permanent, that spell continues to target what it originally did. That spell or permanent will be an illegal target for the spell or ability, and that spell or ability won’t affect it.

Any counters on the returned object, objects attached to the returned object, or continuous effects affecting the returned object will be on, attached to, and/or affecting Red Herring.

If the returned object was attacking or blocking, so is Red Herring. If it was tapped, face down, or flipped, so is Red Herring.