A couple things to try:
For the bouncing and mouthing, take him by his collar and also by a handful of the loose skin under his chin. Hold him REALLY FIRMLY.
If you can pull up enough that you can get his front feet off the ground so much the better.
You now have complete control of your puppy. Look him in the eye, give a slight shake to the hand that's holding him, and with direct in the eye eye contact, say KNOCK IT OFF.
Hold him, and hold the eye contact until you get a submissive gesture from the dog. (looking away, ears back, tongue licking, whining, a paw lifted, etc).
When he has indicated that "You are the boss, applesauce", gently let him down.
I would play a leave it game with him, using a long line. He would spend a lot of time on a longline so I could get to him to correct him if I needed to.
So, you get some REALLY tasty treats, something he does not usually get. Then you expose him to a distraction that you know he'll go for. As soon as he focuses on the distraction, or moves toward it, say LEAVE IT, but not in an ugly tone of voice. Use a cheerful but fairly loud tone, and then immediately call him to you, and help him with the longline or leash to turn towards you. The SECOND he focuses on YOU, feed the treat. Feed 2 or 3 the first several times.
LEAVE IT should come to mean to him TREAT, MOM HAS A TREAT!!
Combine this with the mild aversive of hauling him in on the longline or leash if necessary.
If this is a huge puppy, I might use a prong collar to start with, but it depends on the pup.
Practice practice practice, and escalate your distractions until he bounces to you cheerfully and briskly each time.
You can combine this with playing the Recall Game, I posted that for Smohr under "Another fun game for you and your puppy" thread.
I would give him zero chances to screw up and ignore you, and I would haul his butt up off his front feet and give him down the country the next time he bounces around and decides not to respect you.