Sorry, but there is no justification for disallowing that TD reception based on every rule in college football. While the field referee "might be excused", based on his positioning which may have prohibited him from actually seeing whether the receiver and/or the DB had possession of the football before they hit the ground. Those reviewing the replay have no excuse whatsoever, as everyone could see clearly the receiver came down with the ball in his hands, in bound. The fact the DB may have even shared custody of the ball at the same time the receiver had possession, the rule says the joint possession "goes to the team last in possession of the football", obviously that is the offense in this case.
The network, as well as the officials were both wrong and this is the sort of situation where "it will get swept under the rug" if UL does not challenge the ACC Commissioner to review the play. Only at that time can those who made the mistake be held accountable.
This was the third UL TD so far this season that was nullified as a result of the official's judgement. This one ended up where we got the 3 points, but at that point in the game the extra 4 points was critical to the outcome.