Basically what you se sticking out is the main part of the exhaust and as "mrwonderfull" says you have to cut the end cap of at the weld.
The photos shows what i did to mine and what happens if you cut all the way through.
Thank you, starting this project next week. Only looking to cut 2" and remove inards. Selling my arrow exhaust. Used both with Kyles stock bike map and did not feel a seat of the pant difference. Even tried the sato map from Kyle. Like the look of the stockers other than I thought they were just a bit to long.