Plugs are definitely showing very rich. And like Barry said, if the O2 sensors are sooted that bad, it could be skewing the readouts.
I take it this is a fuel injected engine? I have zero experience with that, so I can't help, but to me that nosing over at the top end is too harsh to be caused by fuel. Rather, I think the black smoke may be, at least in part, a result of the engine doing something it shouldn't be doing. It sounds like loss of valvetrain control to me, but the dyno graph should really help in showing if that is the case.