While I've never had one completely deteriorate on me, I still wouldn't count it out just yet. I think an basket or breeder net is essential at this point to both protect it from your other animals/powerheads, but also just in case if it does die it will keep the remains in one place (it could float around and get shredded). Flow is also going to be essential. Not enough to blow it around, but you do not want stagnant water around it. It needs fresh water to get rid of waste it is attempting to expelled by inventing. It does look a bit rough, but remember that one survival technique of BTA's is to split if under stress. I'd say its stressed! The tears you are seeing may be the start of a split potentially. (I'm a bit of an optimist). Also, if it was me, I would also just cut lights for the reat of the day to minimize its effort to acclimate. I can completely understand the worry of it nuking your tank while you are at work, but if you have water ready for a change, put it in a basket, run carbon and skim well you shouldn't have to worry about your other corals and fish overnight. Good luck and keep us posted.
Sorry for typos, on my phone.