Yep, it does indeed look as if the cam timing is off.

To check the cam timing you have to pull the valve cover and set the engine at TDC. If your cam lobes on #1 aren't pointing somewhat upwards and towards each other then rotate the engine another revolution.

Once you are sure you are at TDC then take a pair of channel locks and grab the intake cam 1/2 way down it's legnth and turn it towards the exhaust cam until you feel it stop. If it doesn't move at all then all the slack is already out but pull it a bit clockwise and then back counterclockwise to make sure you feel the stop. This takes out any slack from the variable cam timing.

Now you need to locate the timing marks, the marks are actually small holes in the back side of the camshaft gear flanges. The holes are approx. 3mm and will be located toward the outside of which ever cam you are looking at when the engine is near TDC. There are several holes visable on the back side of the gears but the timing hole is the only little one. To check the timing you insert a 3mm rod a few inches long (I use a 3mm allen wrench) into the hole. The allen wrench should lay close to flush with the top of the head if the cam is in time. Don't fret if it isn't completely flush as chain wear will have the intake a little above flush and the exhaust a little below flush. If you have one that is a lot less than flush (I seriously suspect you do) you need to eyeball it and determine if moving it one tooth will put it back nearer to flush with the top of the head.

Once you have found which cam is out, (most likely the intake) you will need to re-time the eninge. That isn't any fun as the front upper timing cover has to come off. Trust me, although it looks as if you can slip the chain over the gear with the tension off, I assure you that you can not. But you can worry about re-timing the engine after you know it is out.