Chris,

You are correct. Figure 7 -- if I were calling it -- would sound something like this:

Humpty Bump.
Prior to center, from inverted, push to a vertical upline.
1/4 roll, opposite positive snap centered on the upline.
Pull half-inside loop across the top to a vertical downline.
1 1/4 negative snaps to the canopy.
Exit upright.

You can keep the 1/2 loop on top as tight or as big as you like. Most pilots prefer to look at the top of the plane after the 1/4 roll which would bring the 1/2 loop in towards you. I also think this would present better for the judges. Practice it both ways and then you won't be surprised at a contest if you find yourself in an awkward position exiting the spin.

Hope this helped.

Ken