It was the right call. Holt screwed the play up. If he catches Lee's (only) perfect pass like a collegate WR should, it's an easy TD. Instead he tried to craddle it and let the ground knock it out. No control through the ground = no TD. If Bo challenges it's still incomplete.
He had another perfect TD pass go right between his hands earlier in the game, as well.
It's a bullsh!t rule, and isn't applied uniformly. Minnesota had two similar plays today, and both were called touchdowns.