New Theory:
After taling with a friend, here's the latest theory as to the cause.
The cam broke first. This allowed the #8 exhaust valve to hit the piston, shattering it and breaking off the head of the valve. Pieces of the piston then were sent all through the motor, and allowing the rod and wristpin to break out the section of the cylinder wall at the same time the 3 lifters and pushrods drop into the pan. Engine shuts down.
I never verified 100% that it was a true Comp 292 cam. There are no Comp numbers on the back of it. Maybe a regrind?