That is a toss. It’s the definition of a toss. Any time the movement starts from below shoulders and is then released, it’s a toss.
Toss – A release stunt in which the base(s) begin underneath the top person’s
foot/feet and execute a throwing motion from below shoulder level to increase the
height of the top person. The top person becomes free from all bases, spotters,
posts or bracers.
Therefore, this is illegal by Rule 3.5.3.d:
ART. 3 . . . Tosses are permitted provided all the following conditions are met:
a. The toss is executed only on grass (real or artificial), a mat or a rubberized
track.
b. The toss does not involve more than four tossers, including the person who
may set or “load” the top person.
c. One of the tossers is behind the top person throughout the toss.
d. The top person is cradled by at least two of the original tossers and a separate
head-and-shoulders spotter who was one of the original tossers.
e. The top person does not hold objects in his/her hands (e.g., poms, signs,
etc.).