Frodo still wouldn't have been able to throw the Ring in.  The Eagle would have had to have dropped Frodo in. 
 
This issue has been covered in a number of other threads.  I found a fair few by doing a 
search.
Here is a good one:
 
The Great Eagle Mystery 
And there has been recent discussion on this subject here too:
Flaws in Lord of the Rings... Yes in the book. 
Happy reading!