Agreed.
Like others have said, I don't see grabbing receivers as a problem in college ball. I don't buy the argument that it's a lot tougher to do in college because receivers are faster, or whatever. If it made sense to grab or interfere with receivers to save the long ball, you'd better believe college coaches would be doing it.
Someone mentioned the Myles Jack play on Shady in the Wild Card game. Sure, but how many times do you actually see that happening in an NFL game? How different would that play have been if we got 15 yards instead of a spot foul? My guess is that the grab occurred right around 15 yards downfield.
I still like the idea of making it a 15-yard penalty and automatic first down, and when it's inside 2:00 of each half, it becomes an untimed down and the time is put back on the clock. That will certainly dissuade defenses from just grabbing guys at the end of games.