To preface, I'm a FSU alum & former player there.
I saw this while enjoying a cold beverage @a local establishment last night. I didn't think the ball stopped moving when the shoulder went OOB.
"Moving" and "Lack or loss of control" are two different things. There can be, and often is, movement of the ball while it is still in control.
Here, the player initially establishes firm control with his right forearm pinning the ball to his chest and is still inbounds. Replay would have to show the movement of the ball after that resulted in a clear loss of control, such as the arm coming off the ball, as he continues out of bounds. I don't see that as happening, but it is close. I would have let the ruling on the field stand regardless of whether the ruling was catch or incomplete.