The rule is if the ball touches the ground but the player hasnt and is still in bounds than the ball is still in play. Per a rules analyst on espn today the ball touching out of bounds does not mean the play is dead because the player is still in play.
I stand corrected here are the official ncaa rules
PLAY SITUATIONS: PLAYERS IN BOUNDS AND OUT OF BOUNDS
Player In Bounds/Out of Bounds and Ball Out of Bounds
A player is out of bounds if any body part is touching a sideline, end line, or
anything, other than another player or a game official, that is on or beyond a
sideline or end line.
An out-of-bounds player who becomes airborne remains out of bounds until he
establishes himself inbounds by touching the ground inbounds without
simultaneously being out of bounds.
An inbounds player is one who is not out of bounds.
An inbounds player who becomes airborne remains in bounds until he becomes
out of bounds.
A ball not in player possession is out of bounds if it is touching anything that is
out of bounds.
A ball not in player possession is in bounds if it is not out of bounds.
A ball in player possession is out of bounds if the ball or the player touches
anything that is out of bounds other than a game official or another player.
An originally eligible pass receiver loses his eligibility when he goes out of
bounds, either on his own or due to contact with an opponent.