I was watching the Duke-Davidson game earlier tonight, and one of the Duke players (#5, I think) shot, came down on a Davidson player and was called for an offensive foul but they counted the basket. I'm pretty sure that was the only call on the play. Are the NCAA rules different from the FED in this respect, or are the announcers making sh@t up again?

Yes, the Men's NCAA rule is different from NFHS.

The Women's NCAA rule is the same as the NFHS.

So if they release the ball before the foul, the basket counts?

yes