Worse. Not fully withdrawn egg yolk into abdominal cavity, so the gut is unfinished.
This one looks pretty bad. Normally that all pushes into the body during the hatching process, then the naval seals.
You can try gently trying to push it into the naval cavity, but you may not have much luck if it is malformed. I generally cull at this point, so I'll step aside to those who have decided to tackle this. Chances are the chick will succumb to infection within a couple of days.