The FOV adjust slider shouldn't go any further forward than the back of the player.

I have 3 screens and this is odd. If I move the slider all the way to the left (closest and smallest FOV) than my camera goes up behind and starts to go over the players head. It doesn't clip in to the players back like your video shows.
Are you running the latest video drivers for your card(s)? Sli/Crossfire?

Single GTX 460M, Latest drivers. Windowed mode.
Can't say it happens always, but sometimes it exists.
I will try to make sure I can reproduce it every time.

I can confirm the happening of this strange anomaly.

Video 1:
http://youtu.be/hUVqUoUB3oI

Video 2:
http://youtu.be/UU8kWuusvQE

My Specs:

• Windows 8 x64
• 2x GTX670 running in SLI
• GPU Driver: v331.82

Will post more Information if needed/requested.

Looks like maybe some camera clipping issue to me.