I did not see this posted, but certainly neg me down if I just missed it.
Here is a link to the NCAA rulebook [pdf] for reference.
I looked up the ruling, and under A.R. 2-2-7-III and A.R. 7-3-6-I-IX, "[i]f a forward pass pass is caught simultaneously by opposing players inbounds, the ball becomes dead and belongs to the passing team."
Under the replay rules for passes (Rule 12 Section 3 Article 2), there is no mention of simultaneous catches being an on-field call capable of review, so I'm not sure even if it could have gone to review. But presuming it could, the outcome was effectively made when the ref ruled it an INT.
So if that had been the ruling on the field, then I don't think the call is overturned and IU keeps the ball. But since it was ruled an interception, Rule 12 Section 7 Article 1 requires that it be reversed only via the oft-repeated "indisputable video evidence." Based on the video shown, it is hard to tell whether or not there was clear possession by IU.
A tough call for IU, but a great win for the good guys.
NOTE - Please correct me in the commnents if I missed something.