The player has 5 seconds to throw the ball in bounds, directly on to the court. If he throws it straight up, and you get to your count of 5, then he has violated the 5 second rule. This release does not satisfy the 5 second requirement because the ball did not go in bounds. So, the violation is for not releasing (properly) the ball in 5 seconds.
With only 4 seconds remaining in the game, this is a moot point.
|