Actually, at a public airshow, I believe he should be red carded for at least the rest of the day. Politically too sensitive to red card the BWOS jet for the whole show, but it would give the pilot time to contemplate his mortality (and those of the punters), a comprehensive debrief with the engineers/show organisers, and then make a decision on what to do next. There are only 3 possible causes, missed a key height, wrong speed/amount of 'G', or a technical problem. I would imagine that once he realised how close it was going to be, he was probably outside seat parameters.