In the video you can see what appears to be student athletes in a jetted tub dunking each other in a fashion similar to traditional baptisms.
It was posted originally through Instagram in August, deleted and then published again on September 17.
According to one of the players who was there that day this entire thing is being blown out of proportion. Jake Murphy tweeted, "The past tweets were put together by myself and Trevor Reilly, two active LDS members and returned missionaries." He continues, "Not intended to offend any religion. It was a dare to see if the player would go all the way under the water in the ice tub."