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I did not watch this game, only the highlights, but in the Colts vs. Ravens game at the end of the game Ed Reed was returning a punt and just before he was tackled he lateraled the ball. In the game it was unclear if it was a forward lateral, i.e. an illegal forward pass. Assume the ball was very clearly lateraled forward, (i.e. an illegal forward pass?), and that the ball hits the ground before being touched by another player, what would be the correct ruling?

Would it be a "live ball" and could therefore be recovered by the kicking team?
Or, would it be a dead ball as soon as it struck the ground and therefore possession of the ball would remain with the receiving team and the line of scrimmage would be set after imposition of the illegal forward pass penalty?