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Having researched the case, there are two interpretations of the evidence that I think are viable
Theory one
>they overshot the official trail and ended up in the actual woods
>one of them fell off of a cliff and got fucked up (explains the photograph where one of them is bleeding, and the fact that the first 911 call happened only a few hours after the hike began)
>from there, they got lost in the woods (explains all of the failed 911 calls)
>somebody, maybe one of the locals kids, found one of the bodies and the backpack, and took it home with them
>when the case became an internationally famous murder mystery, local or their parents realized that having the backpack was a massive liability and decided to just put it back in the woods (explains why the backpack was found in good condition)
Theory two
>they were attacked by some kind of brown rapist and managed to run away (also explains the early 911 call and the blood in the photos)
>they managed to break contact, but ended up lost in the woods (explains why there are so many pictures and calls, no kidnapper would let them keep a cell phone on them)
>they either died out in the woods or the original assailant managed to find them
>assailant kept the backpack as a trophy but then later planted it to create the illusion that they just got lost in the woods