Not yet reviewed by Pith; the record is open.

We predict a new mechanism to induce collective excitations and a nonequilibrium phase transition of fermionic superfluids via a sudden switch-on of two-body loss, for which we extend the BCS theory to fully incorporate a change in particle number. We find that a sudden switch-on of dissipation induces an amplitude oscillation of the superfluid order parameter accompanied by a chirped phase rotation as a consequence of particle loss. We demonstrate that when dissipation is introduced to one of the two superfluids coupled via a Josephson junction, it gives rise to a nonequilibrium dynamical phase transition characterized by the vanishing dc Josephson current. The dissipation-induced collective modes and nonequilibrium phase transition can be realized with ultracold fermionic atoms subject to inelastic collisions.