That is a BIG problem. Start with pulling out the idler pulley and test it for any axial or radial play... if there is ANY play in ANY direction, you need to replace it. The idler is something which should be replaced with the belt. You also need to pull the oil pump drive pulley, if you think it may be moving, and take it (and might as well take the cam pulleys) to a machine shop and inspected to see if it is true or not.
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