Except its not, directly from their rule book

maintains control of the ball after (a) and (b) have been fulfilled, until he has the ball long enough to clearly become a runner. A player has the ball long enough to become a runner when, after his second foot is on the ground, he is capable of avoiding or warding off impending contact of an opponent, *tucking the ball away, turning up field, or taking additional steps (see 3-2-7-Item 2). *

Note: If a player has control of the ball, a slight movement of the ball will not be considered a loss of possession. He must lose control of the ball in order to rule that there has been a loss of possession.

Item 1. Player Going to the Ground. A player is considered to be going to the ground if he does not remain upright long enough to demonstrate that he is clearly a runner. If a player goes to the ground in the act of catching a pass (with or without contact by an opponent), he must maintain control of the ball until after his initial contact with the ground

Initial contact with teh ground was his knee, after that he turned, and extended the ball.... this is a catch clearly according to their rules