I'm a little late on this topic.

What is basically going on with ham and water product based on the USDA definition is this:

5% is fat
95% is ham/water. the usda says 17% has to be ham "protein".
so 17% of 95% (16.15% of the total package) is actually ham protein. not water, additives, or fat.

so any "ham and water product" will be less than 17% ham.

this particular package is 35% ground ham and ham shank. so they grind the whole thing up, bone
and all and put it in the package. this is still probably around only 20% ham, leaving it
with 15% ground bone. eww.