Definition of Busted Play
What does the term "busted play" mean in the world of football? What is meant by a "busted play"?
In football, a "busted play" refers to when a drawn-up play falls apart for whatever reason.

While taking the snap, Cam Newton bobbles the ball. Burkhead, seeing his QB in trouble, stops his route and runs back to try to retrieve the ball. Newton picks it up and is now running a "busted play" - meaning, he is freestyling and has no plan.
Newton decides that his best bet is to just scramble and try to gain as many yards as he can, and he ends up picking up 7 yards on the play, thanks to his outstanding scrambling.
This is a "busted play".
A "busted play" is different from an option play, where the QB is given the option is doing different things, based on the coverage that he sees and the way that the play is progressing after the snap.