That's exactly what it is. It happened to my pit in both of her eyes. They can either put it back in or remove it. I had her's put back in. Type "cherry eye" in the google search and you can find a lot of information about it. Hope that helps.
I am glad that I saw the list. I was in the process of changing Storm's food. She was eating Purina Beneful Puppy Food, which is not great. Now, Storm is eating Blue Buffalo Chicken and Wild Rice for Puppies. I'm so glad that I made the switch.