Sounds like it's ruined. You can try tying the skirts together, that will help a little, but probably not enough.
Here's an idea for a last-ditch effort before you trash it:
1. Take tension off leather (back bolt all the way off).
2. Soak saddle in water overnight.
3. Set saddle outdoors in sun light to dry, all day long. (set it on a table where dogs/critters can't get it).
4. Repeat steps 2. and 3. many times. Observe change in leather tension, if any. Report findings back here to Touring forum.
5. After this exercise fails, go buy a decent non-tensioned-leather saddle that won't sag so much, so fast, and provide some perineum support.