Re: Pittsburgh Stolen Schwinn Collegiate (recovered!) - Help from Pee-wee Herman
The compression, if it was a 10 before, it feels more like a 7. Simply rolling the bike while walking next to it and releasing the clutch, the engine turns over more easily, where it would lock the wheel before if I wasn't sitting on it. So it doesn't seem like the compression is completely gone, it just seems diminished.
I do have a lot of clearance with that frame (the orange one), so I should be able to pull off the head and jug to check things out.
What you are saying makes sense, that one of the rings could have broken. I'm thinking more and more that this guy ran with no oil. That may be the source of the clicking.