With some urging from More Cows, I decided to call the PNC chair. I'm so glad that I did because now I don't have to wonder anymore and I can finally feel free to explore other calls.
This is what he told me:
The PNC fell in love with both me and the other candidate and just couldn't make up their minds between us. Then, a pastor in their Presbytery decided to throw his hat into the ring and, well, it is likely that they are going to extend the call to him.
My intuition tells me that there is more to the story, but that's not my concern, is it?
This night before Pentecost, I pray God's blessing on that call and that their ministry together will flourish.