.i mean, why???
I understand that that is not pleasant to watch. They are doing it because they enjoy it, I guess, and that is the thing they decide to do when there is nothing better going on.
You can provide better options for them.
Have you trained them at all? Even if they have one basic command, something as basic as sit, or one trick (shake?), you can divert them by stopping the 'fun', and working with them, starting by what they know already. Have them sit, have them shake, whatever... but every time they decide to engage in the behavior you don't like, they get work to do. You can also work on a command that sends them out of the room, and send one dog out into one room, and one into another room, to separate them. Get creative - you have so many options. You can also crate them, if they are crate trained. Once they start in on that behavior, quietly put them into their crates for a 'time-out'.
You mentioned that they do get exercise - what is their exercise like? Does it involve walks, other activities, or is it all from running around with each other? I agree with what others have said about them needing to be mentally challenged as well as getting physically exersized. I find that, in bad weather, I can tire my dog out just from mental work - thinking is hard work for doggies! And then my boy goes to sleep in front of the fire all tired out like a good doggie....
Adding a good daily structure to your dog's life also helps them to behave well.
Here's a link:
You're Grounded
and an excerpt:
Is your dog being rude, unresponsive, distracted or out of control? Does he consistently break house rules? Then ground him! Grounding is a simple process that calms, sweetens and refocuses your dog in just a few days. It also can help shy/sensitive dogs feel more secure in the world and confident in you. Here's what your dog must do:
and it goes on with a few simple things that help a dog stay calm and polite. It's only about a page long.