There is a video on youtube that shows a red parachute opening...
The "parachute" could also be some kind of debris from the ground kicked up by the explosion.
If it really is a parachute, the fact that flew out of the wreckage (rather than staying with the pilot) might indicate that Leeward was preparing to bail out before he went into the fatal half loop. That would explain the absence of the pilot in pictures of the plane's final moments, if Leeward had removed his seatbelt before the plane went out of control he might have been squashed down between the seat and the rudder pedals. And then possibly ejected from the cockpit on impact.
Early speculation is that the Galloping Ghost pulled 11 Gs in its final loop, that would have knocked out even a trained fighter pilot wearing a functional g-suit.