Look at the area above the eye on both fish. Either the new fish has been lobotomized, or else the camera is low and the fish is angling back - so you are not seeing a large portion of the top of the new fish.
If the current record-holding fish is 54" then judging by the photo, the guy who caught it is about 5' 2."
Photography can mess with perspective and spatial relations - heck, that's how they shot half of the hobbit / human scenes in Lord of the Rings.
Here's another photo of the fish and the fisherman. The guy who caught it is 6' 4" and 275 lbs:
