From military lexicon that combines the words "outstanding" and "fuck" together to mean just the opposite of the word "outstanding" Usually describes a person(s) or situation(s) that are totally and completely fucked up beyond all recgonition. Also used in texting shorthand.
Trooper 1: "Lt. BooBoo just got his whole squad captured during the exercise, but he escaped". Trooper 2: "(OTFS) Out the fuck standing"! Trooper 1: "What a joke, let's go smoke a bowl". Trooper 2: "Cool".