I read the Airforce accident reoprt findings and they determined it to be pilot error. It occured soon after take off. Pilot was to take off, pull vertical, climb to "XXXX" altitude and perform a split S, bringing him back down to the runway in opposit direction for fly by. BUT pilot did not compute the altitude needed for recovery off of Field elevation (AGL) Rather, he calculated off of Sea level (MSL). That left him 200+ feet short on the pull out.

They went on to say that the pilot saw what was happening, applied max back pressure, could not recover and made the "E" decision at 146' before impact (Thats 4 ths of a second)

Don't know if you'll be seeing him in the T birds team soon???