His head is inside...I'm not doubting what you've been taught. But I would call that an ankle pick, it's hardly traditional, but all James just fell over so it's hard to know what Randy was trying to do.
I've always been taught that as a way to take a guy down from a clinch, it's an old Gene Lebell thing. He would head snap and as the guy stood up he would drop and catch the ankle.
I'm English and have never trained speicifically in wrestling but I've never thought Randys takedown of James Toney was anything other than an ankle pick.