was the burlap wet for very long?

Bacterial rot, when still wet the bark just slips off. The sun will kill all the bacteria. I have read that large fig trees should not be pruned for a whole year after the top has been killed. But it sound like you have a young one so I would prune off the dead top above where the new growth emerges from. It is going to send out all sorts of suckers so remove the ones you do not want early so you have the shape you want.

Thank you for getting back to me. We had a very rainy warm weather in Pennsylvania this year. So the burlap was getting wet. There are very few dead branches. I did read that with split bark you can trace around the wound and remove the bark within the traced area which will encourage the tree to callus over the wound. Have you heard of this before?? With the split bark on the trunk of the tree, I am afraid that ants or other insects will enter the tree. I would appreciate any other suggestions.