I don't think you guys are idiots,I think you made some bad choices.
Now I have never hunted grizz,but have hunted in grizz country,and had always carried enough gun to get the job done if I was ever forced to shoot a agresive bear.I won't say the 7-08 won't kill a grizz,but it probaly wasn't the best choce for your intended job.

With that being said,you had 300 win mag's with you,how come you guys were not backing up your buddy and the 7-08 when tracking this bear,why did you quit,if the bear was coming at you guys how come only one fired?

I would have to say it was a low shot and either grazed the bear,or hit some part legs or minimal flesh wound.If the bear is seriously wounded,guts,live,or one lunger he will be close to water and mud,bears get a fever and try to cool them selves down by wallowing.Now this normaly reqiuers thick cover and close quarters,so if I were guys I would have a few 12 ga's loaded to the hilt and one guy backing up with the biggest rifle you guys own.Don't quit shooting till he's on the ground.
BBJ

P.S. Best of luck