I think you're oversimplifying the issue, my friend. Sure, the rocket catch animation may not result in enough drops, but that's not the fundamental problem. There are several underlying issues from what I can tell. One is that there are different animations available between receivers and defensive backs. When someone good at rocket catching positions their receiver perfectly (as long as their isn't someone directly in front of the receiver) there is nothing the defense can do (either CPU or manually controlled) to break up the pass, because there is no animation that will work on the rocket catch animation if you're not directly in front. And sometimes, even if you do have a DB right in the way, the rocket catch animation will overpower the DB jump animation, and the WR will magnet to the ball. For a perfect example of this, go to 1:47 in the video I linked to. The Florida DB is in perfect position, but the animation at his disposal simply gets overtaken by the receiver's rocket catch animation.
So I would say that the animation is the number one issue with rocket catching. But the other issues, along with the one you mentioned, are:
1. QBs are still too accurate. Look at the balls being thrown in the video. They are all extremely accurate bullets. And I know it's the Heisman winner throwing them, but c'mon, nobody throws with that much precision on 20-25 yard passes.
2. [This is a problem with user catching in general] The psychic connection between the QB and the WR. In real life, if a receiver is running a 20 yard fly route, and 12 yards into it the QB bullets the ball at the back of his head, nothing good will come of it. Either the ball will fall imcomplete or a defender in zone will jump up and intercept it before the WR even looks around. But in the game, you can throw this pass, immediately switch to the receiver and turn around. Which leade me to the final issue...
3. Lack of realistic momentum. Still. A 200-pound man moving at 17 mph cannot come to a complete stop, turn around 180 degrees and jump up for a ball in half a second. Not even close But in the game, you can do exactly that.
So, how to fix rocket catching? Well, I don't have an answer to my #2, but the rest shouldn't be that difficult to patch up.
First, give every player the same catching animations, offense or defense. The only differences will be the swat animations available to the defense. And there should be lots and lots of swat animations available. You also need to make sure that there are plenty of animations available to players who aren't right at the balls "landing spot" (or spot where you can get the right animation to go up and get it). Because what happens a lot is, the offensive player gets in perfect position, and the DBs goes to catch or swat, but ends up getting an animation that's designed as if he were right on the landing spot. So naturally the animation misses and fails, because the players reacting as if he were in the perfect position, when really he is a foot or two off of it. I hope that makes sense.
Second, make QBs less accurate. They may have made minor improvements in 10. More improvement is needed.
Third, make momentum/physics more realistic. This is definitely the most difficult fix, but it will be well worth it, because it will make the game much better in many other areas as well.