Sadly you are correct, too much mud is escaping (carried by the oil/gas) out of the BOP. Now BP will attempt to mix bridging materiel and mud. Then pump that down to the BOP in the hopes that the bridging material will seal some of the leaks and allow more mud to go down the hole. Let's all hope and pray that works.
why not tap onto/over the leak and divert it to the surface where the product can be separated and loaded onto tankers
why not:
1. divert the flow to the surface
2.separted the mud, water , gasses, usable product