Connectiong rod has too much free play and looks like big end bearing is missing. See bottom picture that is normal looking of big end bearing. This is the cause of pison top position too low at TDC.
This is for flushing connector as someone changed to garden hose connector. Also with this condition always water leak from this connector when ski run on a water, in short must need disconnect this gray joint. This customer didn't know about this things since he bought this ski until I asked him. What happend this ski's motor? Motor must be suck spray of water from air box and crank shaft bearing been rust and then bearing didn't turn well or seized as get hot and melt by frictional heat.
So now this motor needs big surgery,,,,,,