Over the weekend we put our boat in the river and within minutes we were overheating and smoke everywhere. After being towed to shore we go home and took the trim apart to discover that the water inlet tube and the impeller were completely melted. This explains the overheating. When we removed the lower gearcase housing this piece was just sitting near the shift cable at the bottom. Any idea as to what it is or where it goes? I cant find it in any diagrams. Also, the motor was smoking pretty bad. Do you think we blew the motor? Any input is appreciated. This forum is not allowing me to post a photo yet. The piece in question is a half moon piece of metal with 5 holes drilled in it. I can send a picture to anyone willing to hel . Thanks

OP's pics:

Looks like a burn out y pipe exhaust shutter to me. They install at the top of each side of the y-pipe. I'll evaluate with fresh eyes / brain tomorrow,