No catastrophe yet, the water overflow has slowed down greatly in the past few hours, so it looks like the release of the water has helped - but if the storm coming next week is as bad as the last one was, all bets are off ...
One problem seems to be that the Feather River below the dam can only handle ~100,000 cfs without flooding. The res is full and any time now that the inflow is above 100k, the outlet has to follow to avoid breaching the dam until the res has buffer volume available.