I you fish long enough sooner or later it will happen to you, whether salt or fresh water fishing.

You are fishing in the wind or at night stripping line in and dumping it in the cockpit, on the deck, on the ground or in the water and you get the bite from the big one. He takes off and you discover a "slip knot" - disparagingly called an a$$hole by the guys I fish with (not me of course ).

Is there an option besides just panic? Or besides just pointing the rod at the fish clamping down on the line, and hoping you can break the tippet before the a$$hole hits your first snake guide and most of your rod starts chasing the fish?

Yes there actually is, and it has worked for me an embarassing number of times. Immediately turn the rod upside down with the snake guides (and reel) pointed up, and hold the rod pointed at the fish. Keep tension on the line with your line hand like always, and the a$$hole and loop will most likely just go right through.

Give it a try next time it happens to you.