Then you're ignoring the law as well as the footage. He clearly caught it. If you're having difficulty seeing that from the footage, discussing the relevant law is pointless.
There isn't a question of materiality. The relevant law is clear. It has two tests and "materiality" isn't one of them.
But for the sake of argument, Owens did deny the All Blacks the ball because he caught it and carried it back towards his DBL.
So would you have played advantage or blown immediately for offside because it had the two elements?