It looks he'd deployed some kind of a drogue. There appears to be a bridle attached to something pulling on the boat out of the picture off the bow. The stern is probably down because of the sea state as the bow is way out of the water. Could have been some CG personnel in the stern hidden by the sail, also. Don't know how long the CG took to get there but it seems like he should have had enough time to tidy up the boat. That may have been a major contributor of the XO's decision to pull him off.

A similar thing happened to the skipper of the Satori (W32) in the 'Perfect Storm'. His crew paniced and called the CG. The CG forced him to leave the boat when they showed up to take the woman off, even though he didn't want to go. The boat eventually ended up on a beach in New Jersey, was salvaged with minor damage and is still sailing.