No ofcourse you're not fat. Go to the mall and watch the lardasses spilling out of their pants, those people are fat. BUT you're no where near ripped. I think you would probably have to lose at least 20lbs of fat to get into contest shape and probably more (It's hard for me to gauge because I don't know your height, but if you're over 6'0" probably closer to 30 lbs of fat). If you did that your waist would be back to it's original shape, and with a little bit of creative posing would look even smaller. So don't worry about carrying too much abdominal muscle. Natural Bodybuilders don't need to worry about abdominal overgrowth, it's just a matter of getting lean.
-sS