Bentonite will not clear up a pond muddied by bullheads. The only permanent solution is to eliminate them. This could be accomplished by draining the pond, using rotenone(licensed applicators only), or if predators are not present and the bullheads are small, stocking bass or the like.
If it isn't biologically suspended turbidity, rather electrostatically suspended (clay particles repel one another), then treatment with aluminum sulfate (alum) is a solution.
I think there were some discussions about this previously. For those who want some more fish info, a decent site for information is <A target="_blank" HREF=http://pondboss.com>http://pondboss.com</A>
Bentonite can be applied to the surface of leaking ponds in an attempt to seal it. However, it is best applied to the dry pond bottom and covered with topsoil or incorporated (by tilling) into the topsoil. Application rates range from 2 to 8 lbs/square foot, and at a cost (in central TX) of $150/ton delivered, isn't cheap.
Around my area, ponds or lakes that lose 5' in the summer are considered normal. None stay completely full without additional water inputs, and quite a few go dry or almost dry. The single best solution for water loss, in my opinion, is a good well.