It's definitely a catch. He holds it all the way through the ground and it only comes out when the Ravens player knocks it out a second later. Not sure what the CBS guys are seeing....this one is pretty straight forward.
Once Luck gets some touch he will dominate this league. He is all bullet passes right now. He needs to learn to lob one up and let his receiver go get it.
It's just an extension of the Calvin rule. The rule sucks, but they have taken it a step further to allow for a delay once they get to the ground. Instead of rolling back the rule, they have made it even more powerful.