Welcome aboard.
Has this car spent many winters in MI road-salt?
This looks like the status quo for such vehicles.
The good side is that otherwise the body looks straight.
The term "sub-frame" originates in that there are separate
structures front & rear, that the suspension attaches to,
with the chassis structure being integrated into the body.
As opposed to mid-70's construction where the body was
totally separate from the frame/chassis.
So that being said, elevate the vehicle enough to do a
thorough inspection underneath. The rear sub-frame provides
the mounting points for the lca's (lower control arms), panhard,
spring tower, and rear bumper. The front sub-frame provides
the mounting points for the front-bumper, and front cross-member.
The engine and front suspension a-frames mount to the
cross-member. After you identify the sub-frames, rust damage
will be obvious. Whether it's significant enough to cause structural
concern is impossible to know at this point.
If there is structural degradation, some help is available in the form
of aftermarket sub-frame connectors, that tie the front/rear together.
Body flex is an inherent design issue for these f-bodies, and the
connectors are a pretty standard upgrade for serious performance
vehicles.
You'll find that the expertise available on this board, is exceeded
only by the number of gas-bags.
Good-luck, and happy wrenching.