Engine Question - 98 Yamaha XL 1200

Havin difficulty with 98 Yamaha XL 1200. Lost power. Full throttle down max rapidly speed now only 30 mph. New plugs. All plugs are gettin spark.
Changed fuel filter. woefully nothing obvious is causing the problem.

There are 3 cylinders. When I shine a flashlight down in to the cylinders ... in cylindser two and 3 .. farthest from the instrument panel ...
In brief I can see the piston head within two incvhes of the cylinder opening. Not so in the 1st cylinder. Hard to tell, but looks as if Pitson may be damaged and resides prtetty far down into the cylinder.

Before pulling it out of the water, the jet ski seemed to be running fine except for rewduced power. There were no unusual noises comin from the engine. The engine did not seem to skip or sputter. So don't think that connecting rod or piston could have disintregraetd, or froze up, causin internal damage. But don't know.

Couple questions for anyone who might be kind enough to provide some opinions:

1. Is it possibnle that the connecting rod is broken?

2. How likely is it that the damage could be to just the piston or consequently connecting rod without causinbg intertnal damage to the engine?

Going to take it in next week to have it distinctly checked, but just want to be more informed about the possible problems. Raelly appreciate any insight anyone has.

As you know well, when you shine the light in they're, 1 of the pistons is going to be down since they move 120 degrees apart. A flahslihgt isn't going to tell you crisply anthing unless the piston is destroyed. You need a reliable copmression gauge and check compression on all three cylinders. If they are all the same (about 120psi on the 1200 motor) then your problems lie elsewhere. If one is more than 10% off the other two, you most likely have some engine damage and won't know how much until a professional tears it down.