Id have a look inside. I found this lot in my '94 500 and it was running fine. Admittedly you'd know about it if there was this much missing from your piston but the bit you found may just be the tip of the iceberg.
I'm not familiar with the C5, but to me the metal bit looks just like part of the circlips keeping the LH main bearings in place on a Bullet engine. Maybe it's the same on a C5 engine?