Pasar una cadena delimitada en la cláusula NOT IN

Puede usar regexp_substr para ese problema:

SELECT * FROM (
SELECT 'JACK' AS VALUE FROM DUAL
UNION
SELECT 'JOHN' AS VALUE FROM DUAL
UNION
SELECT 'BOB' AS VALUE FROM DUAL
)
WHERE VALUE NOT IN (SELECT regexp_substr('BOB,JOHN','[^,]+', 1, LEVEL) FROM dual CONNECT BY regexp_substr('BOB,JOHN', '[^,]+', 1, LEVEL) IS NOT NULL)