Yep, your bindings are definitely far too small. That's way too much overhang.
I have plenty of length on my ratchets/straps.
Unless you mean the section on the ladder between the ratchet and the baseplate, you literally don't have ANY length on the straps.
You're on the last tooth of the ladder. Holy shit.
Here's my advice: SEND THEM BACK AND GET THE LARGE SIZE!
it said size 7-11 boots fit a medium.
It's like last week when I was in Walmart buying a new pair of compreesion shorts- the label said "Medium (32-34)", which is my size. But just looking at the shorts, I could tell they were just way too small for me, so I went with the Large which now fit perfectly.
Lesson learned: sometimes you just have to see it in person.
Hope that helps.