What's worse, imagine this scenario.
A receiver all alone on the sideline makes a acrobatic catch while falling out of bounds. He hauls it in, gets two feet down in bounds, and falls and lands on his back out of bounds. When he hits the ground, the ball moves a bit and then he grabs it and retains possession. The ball is on his chest the entire time and never touches the ground.
Ruling?
Incomplete.
I agree that would be the ruling. What bothers me about it is that it would be complete if he landed in bounds - which implies that the catch/bobble isn't the issue, it's the fact that he landed out of bounds.