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There is a transcript of the conversation between Air 1 and the game warden on the ground. It is not a clean copy / paste but, I will work on it in a bit.
Yeah its huge. I actually didn't go hunting on snopes... I did a quick search to see if I could find the transcripts and snopes came up. It does have truth to the story though... the details grew over time, like a fishing story!
The backhoe picture is only a matter of forced perspective. If you look at the shadows thrown by various things in the picture, you realize the cop walking by is at least 6 feet away from the animal. Taking that into perspective, it only appears to be about 10-12 feet long.
The two other pictures make the gator more realistic as well. Consider that the deer's body from the base of the neck to the tail is about 4 feet, and transpose that distance over the tip of the snout of the gator, it only ends up being about 10-12 feet as well. Still a big gator, but the backhoe picture and context of the other two pictures get people's imaginations running.
Granted, you don't really see a gator dragging Bambi's mom off every day, but it's not all that surprising...deer approachers shoreline to drink, gator suprises deer, end of story. It is a big gator, though.