Timing Chain Stretch
For more info about this pic:
http://www.gamefishin.com/gfboard/forum_posts.asp?TID=27394&PID=416621#416621

This is what happens when you just let one GO-o-o-o... To check it (or timing gear slop) without much disassembly, remove the distributor cap, rotate the engine forward using a socket on the crank bolt (inside the harmonic balancer pulley) and a breaker bar until the timing mark aligns with 0 degrees (TDC). Then carefully rotate it backward JUST until the rotor moves, and read the degrees from the scale.

5.0L/5.8L Timing Pointer F1TZ6023A/E3AZ6023A, Jegs 55550309
5.0L/5.8L Fuel Pump Eccentric D5AZ6287B

See also:
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Owner caption July 2007 · Photo 1821 of 5000