I am a lowly BJJ white belt but if I got it right it’s something like this:
Perry is on side control, thinking about his options. He tries to control Cowboy and figure out his next step. Cowboy starts to look for an escape and Perry thinks his opportunity has presented itself!
Perry goes on attack and looks for the americana (bold move, mike). Cowboy has probably been there for a few hundred times before, so he immediately starts to roll to his side while grabbing Perry’s arm. Cowboy then continues on to the turtle position. As he has control on Perry’s arm he rolls him over from bottom turtle, because Perry has lost his base and can’t post on his arm as Cowboy already took it.
A moment later Cowboy really took the arm home, but that’s not shown on the gif here so I won’t try to break it down.
Anyway, beautiful work there! Cowboy is so damn crafty on the ground that I’m just in awe watching him do his thing. As he rolled Mike over and took the top position I had to pause for a couple of seconds, rewind and watch it again. Grrreat stuff! The armbar was a thing of a beauty too. There really is levels to this shit.