I couldn't wait, so I put it on the lift, after taking a picture on the ground. You can see that the rear of the panel hangs down a bit, leaving a pretty good sized air gap above it, probably for airflow around the finned tranny cover.
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Once in the air, you can see that there are no missing fasteners, and no way to attach the rear of the panel.
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In fact, there are two stiffeners riveted on, one on each side, to provide support and keep it from flapping or breaking off.
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Here's a picture of the back side.
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So I think it must be a subjective thing as to what people consider "hanging down". I would think they all look like this.