I’ve seen these same faces in other photos from the school yearbooks. And I have to say that in examining seven or eight other school photos of Obama, they all looked perfectly legitimate to me (except perhaps for one other I recently discovered, on which I’m withholding judgment until I have had a chance to truly inspect it). Outside of that, it’s just the one picture that has such odd features that at a minimum, I suspect it was retouched for whatever reason.
Have you looked at the picture of O with his grandparents sitting on a bench? It’s odd too.