What happens here is that the cut off scraps from processing a beef get put in bags and fed to your dog.
Fenway (our Shepard/Border Collie mix) lives on this and has never been to the vet except for routine check-ups. I personally think this is what dogs are meant to eat, but I'm not a vet.
You're going to get some dried-out pieces of exterior beef, some fat, some bone, some tendons -- basically, a little bit of all the delicious stuff that a dog loves. But like I said, it's not like a neat, pretty homogenized thing.