Hey yea I followed the Tom Newbury tutorial, but I made all the assets and sculpture myself. I think in his model he used in the tutorial though, he had the eye holes closed in the geometry, yet still didn't have this type of problem. So you think the eyebag being closed isn't the problem, but just that it's set too far…
Looks like you're using Tom Newbury's tutorials/assets. Is this how the eye shader was already set up for you? The simple fix is to either delete the eyebag geo or just sculpt it back further into the head in Zbrush or even Maya.