Sounds like the rotting bio mass is still dragging the overnight DO down to killing levels. Since the reds will hit cut bait, any survivors will still be eating the rotting flesh of the prior kills. Red and Cat fishing will be difficult until that rotting flesh is gone, and low overnight DO does not ptoduce a fresh kill and the overnight DO will drop to low numbers until the extra Biomass is digested.
It has been my experience the Tilapia can handle the loweest DO of all the lake specie. Did you see many un-rotted (freshly killed) Tilapia in the floaters you saw?
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Find'm, Hook'm, Reel'm, Measure'm, Weigh'm, Smile with'm, Release'm and Thank Him.
Don