Finally pulled the motor to view the carnage...

Flyfish Sir,
That looks like a Hydraulic failure to me. Ask me how I know? Was there any evidence of water getting into that cylinder. The main reason I think this, is because the rod cap and crankshaft would be blue, from heat, had they failed first. Squeezing water will fold a connecting rod like that, faster than flailing around loose, from lack of a bearing.
Just my opinion, Sir.