This skill is a toss by definition, which must be cradled by NFHS rule 3.5.3.d (page 26). The way it is executed on this video is illegal.
They can make this legal by doing one of two things:
1. Have one of the bases remain on the foot, which would make it legal by 3.4.4
2. Have the top person complete the rotation all the way around into a cradle position before continuing.