I like your edit Todds
However, rather than just outright turning the photo B&W apart from the yellow jumper, try instead doing the following
Take the original image as 1 layer
Do all your improvements that you said before such as removing the other people and all that. But don't turn the image B&W or cut out the jumper just yet.
Now duplicate the layer, so you have just 2 identical layers of this new improved image.
On the top layer cut around the yellow jumper, and delete the jumper in the top layer. You will of course still be able to see the jumper because of the layer beneath.
Now select the top layer (if its not already selected) and press "Ctrl + I" OR do "image >> Adjustments >> Invert".
Now the image will look a bit weird apart from the yellow jumper in the middle.
So, again on the top layer, change the layer blending mode to "color" and drop the opacity of the top layer to about 40% (give or take 10%).
You should be pleased with the results