According to the local ABC affiliate (KFSN-TV) in Fresno, Calif., the shot took place at the house of David Carr, Derek's older brother. David posted the video to YouTube with a note regarding the event. The football is described as a "Bulldog football," so I assume it is one of the smaller, novelty Fresno State footballs.
Derek Carr led the Mountain West and ranked No. 8 nationally in 2012 with 4,104 yards passing and maintained one of the best touchdown-interception ratios in the country (37 touchdowns, seven interceptions). Trick shots are not a definition of quarterback greatness, but his performance in the Bulldogs' first season of Mountain West play has fans excited for an encore performance in 2013.
BONUS: In the process of verifying the video, we came across what appears to be a "Carr family Harlem Shake" video from Easter weekend. The Carr family clearly takes their holidays very seriously.