Appears the NFL and college rules differ.
Section 4. Catch, Recovery, Possession
Catch, Interception, Recovery—ARTICLE 3
Approved Ruling 2-4-3
I. B1 attempts to catch a punt (no fair catch signal) that crosses the neutral zone, strikes his shoulder (a muff ) and bounces into the air. The ball does not touch the ground. Airborne A1 receives the ball in flight and first returns to the ground out of bounds. RULING: Team B’s ball at the spot where the ball crossed the sideline. First and 10.
II. On third down, B1 blocks a Team A scrimmage kick that goes into the air and does not cross the neutral zone. The ball does not touch the ground. A1 jumps and grasps the ball in flight and first returns to the ground out of bounds. RULING: Team B’s ball at the spot where the ball crossed the sideline. First and 10 (Rule 6-3-7).
III. Airborne A3 receives a pass at Team A’s 40-yard line. While still airborne, he is contacted by B1 and comes to the ground out of bounds with the ball at Team A’s 37-yard line. RULING: Incomplete pass (Rule 7-3-7-a).