Chris Olave talks ESPN Sports Center after win vs Carolina

yes,, he was.

Anytime "during the fall", if a defender touches you, you are down.

The DB clearly was touching him - remember, everyone was screaming "Where's the flag for PI?"
The rule has nothing to do with "during the fall" The receiver has to establish possession, then if he is touched and hits the ground he is down. In this case Olave tipped the ball while he was being interfered with bounced it up and then established possession while the DB had his hands in the air pretending like he wasn't grabbing Olave for the last 10 yards.

Olave was never touched after possession and that ball was most definitely live until it rolled out of bounce.