There is no excess gel, it is clearly visible in your photo that the whole gel body just slides down leaving just grease residue behind. It already travelled quite a long way, and it is supported by the post from below now, just slowly flowing around it!
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How long do you own this card already and is your case well ventilated, are not you baking the card too much?
If this goes this way, you will have all the RAM packages and VRM chips bare soon.
I think the best course of action is to wait now, they will need to deal with this somehow, you may get in some unfavourable position if you tried to RMA it now, before GB realises in how deep sh*t they are...
I have it since launch day. It's not getting cooked. SUP01 case basically puts the GPU at the front so it has fresh air and is acting like intake fans for the case. There are 3x exhaust fans plus 3 from the AIO that also push the air out. It's a mesh at the top and mesh on the side and front so air has plenty of space to access as well as it's a negative pressure scenario.
Core temps are from 60-70C depending on the load, memory reaches 76 at max.
You may very well be right that it will run away completetly, but then it will be easy to notice. I think their argument is that it's only the excess amount that is flowing out, while the gel that actually makes contact with VRM and VRAM stays in place, due to pressure of the heatsink or whatever.
I wouldn't trust Gigabyte for a second so yeah I will use it like normal and in case it actually overheats, then I will RMA it. Now, my bet is that they would throw it in a test rig, see that it doesn't overheat and just return it back, while taking 1-2 months to do it.