The problem really has nothing to do with energy, velocity or theoretical penetration potential of the PBs. You have what you have, just have to stay within it's capabilities.

The problem is that people overcharge these bullets and the projectiles either blow up on impact or shed massive amounts of bullet mass as it travels through the deer. I took one out of a doe a fella took here in the last week of the season. The deer was around 60 yards, broadside. Hit with a 295 grain PB pushed by 100 grains of 777. Bullet went in between two ribs and out between two ribs and the majority of the bullet was just under the skin on the other side. What was left was a nice mushroom shape, but weiged less than 100 grains. Deer was difficult to find as it left little blood trail. Aside from not liking to have to pick lead chunks out of meat, I personally like a hole in and a hole out whenever possible.

On a 295 grain PB, 70 to 90 grains of 777 will generall renderbetter results. Push them with more than 100 grains and you end up with very poor performance in many instances. I don't have the data to back this up, but I think you may actually get better penetration with the lower powered load as the bullet doesn't shed massive amounts of energy on impact and the bullet carries the energy all the way through. Try 150 grains and the exploding bullet trick is almost a guarantee.
Hank