It doesn't happen often, at least when I post an opinion first, but @Replacematt and I are in lockstep on this one. This seemed pretty textbook. I am not seeing a) why this was not the initial call, and b) what took so long on the review. The throw did not pull the catcher there. The runner did not begin his slide appropriately (in time) and took to "a crash position" to make contact.
I am confused by just one thing in the media advisory from @Velho . . . they say this would have been ruled obstruction, however the crew chief came back after the review and said there was no obstruction. Just a misspeak? Or is that the proper parlance? To me, it would be "There was obstruction on the play, however, by rule, the malicious contact supersedes the obstruction. The runner is called out by rule and ejected." Then again, I am a big advocate of making it known that we saw it, and here is why we didn't call it (e.g, calling out on a tag out with obstruction, not a safe call).
Re: the right hand/obstruction mechanic . . . in real time it looked as if it was just part of his movement as he jumped out of the way. In slow-mo, it looks more like the start of that mechanic, but I don't think it was. I don't believe NCAA uses that, but I'll defer to those who are there.