well if it's a newer cartridge, it's ****ed. It it's the older bearing and spindle it could just be an adjustment. Your lockring may have fallen off and things could have gone awol from there. Or depending on how bad it is none of the above matter except the first "you're ****ed" statement. I've mutilated some bottom brackets in my 10 months of riding. That too much tension thing shouldn't be a problem with a properly working BB. I can't really tell you if it's bad enough to throw the chain or not.