I don't think the same rule apies in college. There is no such thing as an uncatchable ball below the pros. I think.
I understood that to be the reason that they waved the flag off, because it was uncatchable. Maybe I misunderstood.
I don't agree with it being uncatchable. It's another judgment call that I believe should err on the side of the offense. How can an official reasonably say that the receiver hadn't planned to plant and cut back to the ball earlier? I don't think he can reasonably say that.
Now, if the ball is thrown 15 feet high, we can reasonably assume that MJ in his prime would not have been able to jump that high, that is a reasonable assumption.