Pressure tank short cycling

Came home and heard the pressure tank cycling on and off continuously under the house. So I turned off the breaker to the well pump......opened the closest faucet to drain the tank......and the pressure gauge slowly decreased to almost zero. Put a tire gauge on the valve stem on top of the tank and it was also close to zero. I'm assuming the bladder has ruptured. My water has a brownish color to it now.....which I'm assuming is coming from the ruptured bladder.

Also.....after cutting the power to the well pump.......the pressure slowly drops to almost zero even without turning on any faucets.

Am I correct in thinking the bladder has torn.....or is there something else that it could be?

Thanks for any help/advice!

Think that you have nailed it on the head.
Another thing to check, tap on the upper part of the pressure tank, it is going to make one of two sounds.. either sound like there is air in there or a thud.. if the thud then the bladder is gone by by...

As for the pressure dropping , if there is no check valve close to the tank, then the foot valve in the pump is either hanging up or gone by by as well...

The brownish water is most likely from the stuff that had settled out at the bottum but now back into the water because of the baddler going even more south.

The check valve down the well has most likely failed. This allows the pump to cycle on and off even when you are not using water. The bladder in your tank has also most likely failed. This causes your pump to cycle much faster than it should. Your pump is also probably on it's last leg, since it has cycled enough to wear out the bladder in the tank and the check valve. All of these problems are caused by the pump cycling on and off. Doubling the size of the pressure tank will only cut the cycling by 50%. A Cycle Stop Valve will allow you to go back with as small as a 4.4 gallon tank. The CSV will eliminate the cycling which makes your pump, motor, tank, check valve, and everything else last longer. Plus you will have constant pressure in the house, which you will quickly learn to like very much.