My two cents is the shot is over the spine. My main reasoning is the elasticity of skin. If those broadheads weren't razor sharp then it could very well have "lifted" the skin before it cut the exit hole, giving a false impression of how low the exit is. Add a weird arrow angle or deflection off a branch (or even the top of the spine itself) and the possibilities are endless. But one thing for sure, he ain't sick yet... That leaves me with flesh wound untill proven different. Just my thoughts, your mileage may vary.