The two aircraft collided in midair at about 0840 Mountain time while performing formation aerobatics and were destroyed. The Commercial pilot and Airline Transport pilot flying the two airplanes were fatally injured. Both were on the faculty of the nearby Embry-Riddle Aeronautical University. Visual conditions prevailed for the flights, the purpose of which was to practice an aerobatic routine. Witnesses in the area reported that the two airplanes had been practicing aerobatics in the area for about a week and they had become familiar with the routine. They indicated that the airplanes had completed the routine and were setting up for a second run through the routine when the accident occurred. One witness about 250 yards south of the accident site stated that the airplanes had made a dive, recovered, and then pulled straight up wing tip to wing tip. As the airplanes fell to the left the wings touched, and then the tails connected. Another witness about mile north of the accident site stated the airplanes did a stall/spin maneuver and pulled out low to the ground. The witness believed that prior to the collision, he saw one aircraft in front of the other. The rear airplane then collided with the other airplane.