Pat,
IMHO your assessment is probably correct. Too many LMB. You might be on the way in the future to having a pond with a few big LMB, a whole bunch of stunted ones and not much else. I subscribe to the philosophy that you must periodically assess your pond and develop an appropriate harvest plan to keep the pond in "balance." From the info provided, I would aggressively harvest 14 inch and smaller LMB in your pond.
Not a pro...just my 1 cent.
Funny Bill when I started this pond thing with BCP I was told not to harvest any LMB to offset the BCP..... seems the only thing spawning is BG and LMB.
Caught 19 LMB in about 30 minutes (10�) while trying to catch BCP. Caught 4 today in 10� water were I normally get BCP.