Basketball fans- should this have been traveling?

[DukeSucks]

This may be hard to describe in words, but I'll try.
Last night, I attended a game between Conference USA powerhouses East Carolina and St Louis (don't laugh, they were free tickets). At the opening tip, ECU tipped the ball to their backcourt and recovered the ball. That player passed the ball to the point guard who was still standing in the backcourt. He catches the ball with both hands and with both feet set on the floor. He does not dribble. However, he puts the ball in his left hand, lifts his right foot and wipes the bottom of his shoe, then puts the foot back on the floor. He then puts the ball in his right hand, lifts his left foot and wipes that shoe, then puts foot back on the floor. At that point, he starts dribbling up the court.

I thought that should be traveling. I looked at the NCAA rules and it says that when both feet are planted on the ground when catching the ball he may use ONE foot as a pivot foot. That foot can't be lifted until ball is released to start a dribble.

Obviously it wasn't a violation, since they didn't call it. Do you think it should have been?
Maybe it was, and they didn't call it because:
A) It at the outset of play
B) It was on their home court
C) Both these teams suck, and no one outside of the 5000 people there would ever see it.

Sorry if this was stupid, but for some reason it has bothered me.