BRAW Data Levels

I was testing a color management issue in Resolve 18 on iMac 2017 running Monterey 12.3.1 and am stumped by the data levels I'm seeing on the Color page.

I am looking at braw clips shot on a BMPCC 6K with version 6.8 and version 7.3 firmware. With color management bypassed the version 7.3 clips seem to have a lower max data level than the version 6.8 clips even though the camera was set to "Film" dynamic range for both clips. In fact, it maxes out at about 614 on the 1 to 1023 scale even when the clips show as dramatically overexposed on the camera's histogram.

Why would I see this difference?

Make sure the decoding settings for both clips match. Bypassed color management still needs decoding the braw data to some colorspace and there might be some differences in the interpretation depending on clip metadata.

CS gen4 vs. gen5

Gen4 vs Gen5 Color Science seems to make the difference, but only when Resolve Color Management is turned off.

It appears that Gen5 squeezes tonal data into a narrower range (higher on the low end and lower on the high end) when color management.

With RCM turned on the waveforms look identical regardless of whether Color Science is set to Gen4 or Gen5. From what I've read about the Gen5 Color Science is that it gives you more latitude in color grading.