The crux of the report:
We determined that the probable cause of this accident was the air boss’s and air show event organizer’s lack of an adequate, prebriefed aircraft separation plan for the air show performance, relying instead on the air boss’s real-time deconfliction directives and the see-and-avoid strategy for collision avoidance, which allowed for the loss of separation between the Boeing B-17G and the Bell P-63F airplanes. Also causal was the diminished ability of the accident pilots to see and avoid the other aircraft due to flight path geometry, out-the-window view obscuration by aircraft structures, attention demands associated with the air show performance, and the inherent limitations of human performance that can make it difficult to see another aircraft. Contributing to the accident were the lack of FAA guidance for air bosses and air show event organizers on developing plans and performing risk assessments that ensure the separation of aircraft that are not part of an approved maneuvers package and the lack of FAA requirements and guidance for recurrent evaluations of air bosses and direct surveillance of their performance.
https://www.ntsb.gov/investigations/Pag ... MA034.aspx