I picked up an 80's touring bike yesterday and the inner chainring is way out of round.
Is this normal? It wasn't overly alarming b/c the other rings are biopace, and I've never looked up close at a touring setup before.
Could this just be a normal touring part, or is it mangled?

If the chainring is true, it's probably a Biopace chainring. I still have those on my city bike and they work fine.