The question is WTF is all that other crap on the chip???
I think you applied a bit to much paste.
And that grey chunk is probably just hardened paste.
I know how to apply thermal compound properly, but too bad my friend doesn't. Took me a while to clean that shit up, in the pics there's already a lot less compound than when I took off the HSF. And there was a ton on the heatsink itself, jesus christ.
looks like cheap thermal white non-conductive paste and artic silver conductive paste used at the same time.
the white crap isn't anything to worry about .. the grey stuff is the scary stuff
The grey is/was a thermal pad commonly placed on older processors. With Athlons, it was recommended to remove your heatsink, heat the thermal pad with a hairdryer [or something similar], clean with alcohol, then put on thermal paste. The rest of the pad most likely melted away from the high temps that cpu is known for.