NCAA football rulebook Part II, Section 8.8 and 8.9 lays out the conditions for Defensive holding (emphasis added):

8. A grab of the receiver’s jersey that materially restricts the receiver and takes away their feet should be defensive holding if other criteria are met, and could also be defensive pass interference.
9. Holding can be called even if the quarterback is subsequently sacked, and there is an element of time between the foul and the tackle.

And as mentioned in this thread, Jojo was his first read, and there was "an element of time between the foul and the tackle" because Jake had to move to his second option because option #1 was being held.