A little background, a friend of mine wanted to learn how to ride a motorcycle. So I said what the heck? I let him ride my newly painted Savage darling, and then, all the sudden he decides he is a pro. He laid the bike over going 15-20 miles an hour. It's scraped the front fender and bent the right side foot Peg. Other than that, the bike appears to be fine cosmetically. Now the bike backfires a lot And dies when rolling off after going 60+ mph. Any suggestions??

Technically speaking , your bike isn't backfireing (through the carb) but after firing through the muffler. Assuming the bike was dropped on the right side (bent right side peg) I'd be checking for an exhaust leak ,loose or broken header bolts ,or the joint where the header pipe and muffler meet. Air entering at either would cause "backfiring" and maybe a change in back pressure that might cause stalling when you close the throttle.I'd also check the carb for any change -loose vacuum line, missing fuel screw, loose clamps,loose mounting bolts at the head, throttle cable as it leaves the grip , idle screw setting, etc.

Okay, so here's what I've done so far. I verified the carb is in good order, the exhaust doesn't appear to be leaking (took a piece of toilet paper and went around the exhaust watching for movement), and none of the header bolts are cracked that I have found (took the head off to look at the cam chain). Would an impact be enough to cause the cam chain to jump a few teeth on a Gear? I think it's timing is pretty off?

compression ,spark and fuel =run, . You need to be looking inside the carb , pilot jet,float level, fuel screw, and more importantly the  TEV valve. The TEV valve opens and feeds extra fuel to the intake when the throttle is closed.. When you close the throttle at 60 mph the motor coasts down from 4000 rpm ,but your carb is only allowing the pilot jet to provide enough fuel to keep the motor running at 1000-1200 rpm ,thus the TEV provides the rest until the rpm drops to idle.