I just got a CAAD5 for next year's race bike -- it looks to be in pretty good shape, but the chainstay on the right/drive side appears to be seriously "dented" inward, pretty close to the BB. Does Cannondale build them this way to allow for chainring clearance, or is my frame damaged?

I just got a CAAD5 for next year's race bike -- it looks to be in pretty good shape, but the chainstay on the right/drive side appears to be seriously "dented" inward, pretty close to the BB. Does Cannondale build them this way to allow for chainring clearance, or is my frame damaged?

That should be built in. It is supposed to give more clearance and stiffness.

Yes, they're factory dents for clearance. Early Cannondales had three dents: two for the end of the cranks and one for the small chainring. Until the late 80's, the standard front combo was 52/42, so more clearance was needed to accomodate the 42 ring. Some people even ran a 52/50 on flat terrain.

Check out the factory dents on this bike:

http://forums.roadbikereview.com/showthread.php?t=47973