Since he was down before the ball came loose, the only question was if he made a football move before it came loose. To me it was an easy yes.
In my opinion, instead of the football move rule, they should establish a set amount of time you need to have possession after a catch before you lose it. A group of rules experts can watch a bunch of replays like the Tracy one and find ones that look like a catch and ones that don't, then time those to establish the time to use. If they decide on a half second, the replay booth can time it in the replay. Anything over a half second is a catch. Anything under isn't. You could make a pretty weak argument against Tracy making a football move if you tried. But he had the ball waaaay too long to say he didn't catch it.