So to check exactly how much time had elapsed between the first touch and the ball leaving the shooter's hands, I downloaded the slow-motion video and put it into a video editing program to get a frame-by-frame analyis of the timing.
The video editor uses 30 frames per second, and because the source video is in slow-motion, the video timestamp won't match the real-time clock. However, if you manually count frames, there are approximately 25 frames of video per 1/10 second on the game clock.
So, to the video analysis:
The inbounds play starts with the clock showing 0.8 seconds, and the shooter first touches the ball at 2:12 in the video (2 seconds plus 12 frames):
If we look at the interval between the shooter touching the ball and when the clock shows 0.7 seconds, exactly 64 frames (or approximately 0.256 seconds) of video have elapsed. Subtracting the 25 frames for the tenth of a second (between 0.8 and 0.7) that we know are accurate and not affected by the clock operator, that leaves 39 frames, so at the clock appears to have started 39 frames (approximately 0.156 seconds) late.
Then if we look at the elapsed time from when the shooter touches the ball until it leaves his hand there are exactly 144 video frames, which equates to .576 seconds of clock time.
In the video, there are a total of 234 frames (.936 seconds) between the time the shooter touches the ball (2:12) until the clock reads 00.0
So, to find out if they got the shot off in time:
Start with the .936 seconds between first touch and the clock showing 00.0
Subtract the .156 seconds of clock delay
Subtract out the .576 seconds that the shooter had the ball
That leaves a full two-tenths (.204) of a second of remaining game time when the ball left the shooter's hand.
Bottom line: The player got the shot off in plenty of time, the basket was good, Boise State got screwed.