Ryan, based on another CGC 5.0 that I own that grade looks about right. My book is missing a similar sized chip on the front cover.
Does it have another chip missing from another corner as well?
Sorry, but anything with a piece that large out of it should not be a 5.0 IMHO. Heck, even by old school OSPG guidelines a chip like that is only acceptable on a VG if I recall correctly.
It's actually got pieces missing out of 4 corners. Top right (tiny), bottom left (small-medium), bottom right (fair size) and bottom left back cover (tiny). The total sum of pieces missing might be similar.