James, after originally taking my ASTB test (14th December 2009) I was measured and found to not fall into Navy regulations. I am 5'9 and at the time I weighed 215 lbs. My waist (around the naval) was around 40 inches and my neck was around 16 (like you, I exercise quite a bit and am built like an amateur wrestler). I remember complaining to one of my LORs (Army O-6) but he would have none of it and told me, "If you want to be an officer, you'll find a way to lose the weight." So, I changed my diet and started consuming a larger amount of veggies during all meals and am currently down to 195 lbs. (after cutting some water weight: I probably look like an idiot with a sauna suite, sweat shirt, and winter jacket on doing a three mile walk around the neighborhood on a 80 degree sunny day) and my waist is now 35 inches around the naval with a 16 inch neck. 185 lbs is still my goal in the long run, but it will take some more time to get there. If you want to be an officer, you'll find a way to fall under regulations as well. Will it suck? Probably. But if you want it, you'll find a way.
You can always measure yourself by using this calculator:
http://fitness.bizcalcs.com/Calculator.asp?Calc=Body-Fat-Navy
To correctly measure yourself, watch the videos here (look at the demonstration videos near the bottom):
http://www.ocs.navy.mil/pt.asp
p.s. It should be noted I became extremely lazy after graduating (May 2009). I wasn't motivated to work-out, couldn't afford my BJJ/Muay Thai classes anymore, and ate like a pig. By the beginning of September 2009 I had blimped up to 240 lbs.
