Pretty cut and dry looking at the picture with "Ball comes loose", huh? I'll go ahead and make my own picture with "Ball stays secure" and call that cut and dry.
Bottom line is there was no way the replay officials could determine if the ball hit the ground. Looking at the replay many times, the receiver shifted the ball from his left hand, over to his right hand and rests on his fingers. The slight spin of the ball indicates this transfer took place, IMO. If it hit the ground, I think you would see more of a bobble, which this was not.