T-birds had been putting in AGL instead of MSL all season during their practice...resetting altimeters to zero. Team had run requests up to chain asking for the change and all indications were waivers and rule changes were "good to go..." Sometime just before the season started MAJCOM declined waiver and team went back to "old" method of field elevation.
Everyone was briefed and briefed and briefed and "on board" with new "old" method but during the apex of the first loop the altimeter was misread. It was classic "expectation" error--expecting to see a number or picture so your mind sees just that. During the pull down he was too low to make the square corner and then realized it and bailed out--mere seconds (or less) from not being in the ejection envelope.
I've seen enough video of airshow F-16 and F-18 guys hitting the ground to know how easy it must be for a "small" mistake to be fatal down low. Those demo team guys have a good gig but the stakes are certainly very high when you are looping over the crowd. Ditto for the guys in their Pitts, Sukois, etc...
Another random note--two of the best Eagle drivers I've known were former WSOs...both F-4s...and both Citadel guys... Paying for your abuse the being a backseat beatch...I guess it makes you tough.