I could be standing at the bottom of a canyon, and admiring a towering cliff face.
I had slowly crept to the edge of the cliff and was now staring into a ____ abyss.
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Though I'd use the word precipitous here, and the collocation precipitous drop is well known, most dictionaries refer to the steepness involved but not the drop usually associated with the term.
Collins Thesaurus of the English Language does clearly list this, however:
- sheer, high, steep, dizzy, abrupt, perpendicular, falling sharply ...
I offer bottomless.
2a : extremely deep
the killer threw the gun into what he thought was a bottomless pit
How about vertiginous?
vertiginous: having an aspect of great depth, drawing the eye to look downwards
vertiginous: extremely high or steep; vertiginous drops to the valleys below
This works nicely as the sense one would have opposite to "standing at the bottom of a canyon, and admiring a towering cliff face".
Addendum: Just noticed that @JohnFeltz mentioned this word in his comment on the question. John, my acknowledgment.