That's part of your phasor. For your chain to have that much slack the tensioners are shot. Fordtechmakuloco is your man for these 5.4 3V engines. From the picture, the chain is still on, DO NOT ROTATE THE ENGINE CCW. If this were my rig, I would take all timing components off and replace them with OEM Motorcraft. I think the kit is 1200 on Amazon for all Motorcraft stuff. Again, this doesnt include the valve gaskets or front cover gaskets. For the chain to have jumped up like that it was lose, or that phasor is aftermarket. I am not familiar with any Motorcraft phasor falling apart in such a manner. Take a look at your cams while u have the valve cover off, from this pic, it looks pretty dirty under there.....
Someone else may chime in here, but listing your mileage, is this your daily driver, how much money you're willing to sink into it, any maint. history? etc. will help them out in giving you advice.