On 2017-03-30, the NCDA Executive Board has voted 5-0 in favor of changing the following rule effective immediately.
220.127.116.11 Airborne Balls – All Balls immediately become dead. No Direct Catches or Direct Hits may be made with a Direct Throw that was airborne before the whistle was blown.
18.104.22.168.1 Exception: If a Target is hit, then a Timeout Stoppage of Play is called before the ball is ruled Dead, the Target and his teammates still have the opportunity to complete a Direct Catch or Team Catch. Failure to make a catch will result in the Target being considered out.
New, effective immediately:
22.214.171.124 Airborne Balls – All Balls are live until they become Dead [2.1.5].
126.96.36.199.1 Referee Discretion – If a referee is unable to determine whether a thrown ball was released before the stoppage of play was called, the ball will return to the throwing team. If a thrown ball was released after the stoppage of play, that ball will be returned to the throwing team.
Basically, if a timeout is called, all airborne balls are live until they are dead. If the final whistle blows and balls are in the air, they are still live until they hit the ground/wall/ceiling/whatever.
The 2017 Rulebook has been updated to version 1.1.