Exhaust / Catalytic Converter Issues (0420 check engine code)

I've got a 2004 Tacoma 4x2 (2.7 liter) and have had the 0420 check engine code for about 6 months. I figured I would drive my truck as long as I could before my next inspection before having to potentially replace the catalytic converter. About a week ago I noticed a rattle coming from the exhaust system. This morning, when I floored the gas to pass a bus, it the rattle instantly sounded like a large hole had developed...a much deeper, louder, hollow sound coming from the exhaust area. I looked up under the truck and took a picture of what appears to be some sort of hose just dangling, right behind where the converter joins the exhaust.

Any ideas on what this is? And what other issues I may have?

I've got it scheduled to go in with my mechanic, but not for another week. Does anyone think this needs to be addressed before then?

Thanks for any and all help.

 

Um...that's not a hose. That's your rear O2 sensor. You just need the proper nuts to install the O2 sensor back in place. You should be able to get those from the dealership and install them on there by yourself with just a wrench. Just don't overtighten them.

 

Your O2 sensor came out lol. That's gonna be why you have a code. 02 after the cat makes sure the cat is working