Wingbone. Jerry Kuhnhausen's shop manual sez the 'M' designiates a full size 12g frame and it was originally chambered for 3" shell. The 3" is a bbl dependency as you can put a 2 3/4" chambered bbl on an 'M' frame. I have one that I use that way. Bought the 870 w/o a bbl. The ejection ports are the same as both are "full size 12g frames". Ports are 3". At one time I thought the magnum frames were beefed up, but if so it is sure not obvious. So, why not a 3" chambered bbl on a gun originally for 2 3/4" ... have not tried that. And, while I have a few 870's handy I do not have a 3" chambered bbl. BUT, you should not use 3" shells in bbls marked for 2 3/4" shells regardless the frame markings as upon firing the longer shell can open and overlap too much forcing cone. Don't know if the pressue is enough to ruin a bbl and won't experiment on mine! Thus, a safety concern is if some picks up a Magnum 870 desinated frame that has had a 2 3/4" bbl installed and sticks in a 3 " shell w/o checking bbl designation, then .... And, yes there is enough room to closr the action.
Waht is the case for a magnum? I shot ducks and geese for years with 2 3/4 " and 2 3/4 'magnum' loads. Killed 'em. Yep, lead shot days.
Someone else????