If this was the pros, that would be relevant, but it’s not.
Getting the ball to the LOS
is relevant. From the NCAA Rule Book:
Illegal Forward Pass
ARTICLE 2. A forward pass is illegal if:
a. It is thrown by a Team A player whose entire body is beyond the neutral zone when he releases the ball.
b. It is thrown by a Team B player.
c. It is thrown after team possession has changed during the down.
d. It is the second forward pass during the same down.
e. It is thrown from in or behind the neutral zone after a ball carrier’s entire body and the ball have been beyond the neutral zone.
PENALTY [a-e]—Five yards from the spot of the foul; also loss of down if by Team A before team possession changes during a scrimmage down (A.R. 3-4-3-IV and A.R. 7-3-2-II) [S35 and S9].
f. The passer to conserve time throws the ball directly to the ground (1) after the ball has already touched the ground; or (2) not immediately after controlling the ball.
g. The passer to conserve time throws the ball forward into an area where there is no eligible Team A receiver (A.R. 7-3-2-II-VII).
h. The passer to conserve yardage throws the ball forward into an area where there is no eligible Team A receiver (A.R. 7-3-2-I).
[Exception: It is not a foul if the passer is or has been outside the tackle box and throws the ball so that it crosses or lands beyond the neutral zone or neutral zone extended (Rule 2-19-3) (A.R. 7-3-2-VIII-X). This applies only to the player who controls the snap or the resulting backward pass and does not relinquish possession to another player before throwing the forward pass.]
PENALTY [f-h]—Loss of down at the spot of the foul [S36 and S9].
Moral of the story: You can be outside the tackle box and throw the ball away with no receiver in the area but the ball must be passed to or past the neutral zone.
Source:
http://www.ncaapublications.com/productdownloads/FR19.pdf pp. 79-80