This is the underneath side, right? Either your bobbin tension is too tight or your top tension too loose. Could the thread have jumped out of the tension disks? I would unthread both top and bobbin and thread over again. Pull on the bobbin thread when it's in the machine. Is it pulling out smoothly or does it seem to be hanging up somewhere? Are you moving the quilt sandwich too quickly for the speed you are sewing?
I would take it out. Good news is it will come out easily, cut that bobbin thread in a few places, you should be able to pull it out easily and then the top thread will come right out.
Check the things I suggested, then test it on a practice piece until it's flowing smoothly for you. Don't be discourage, it takes practice to get everything working together for FMQ, and your meandering is really nice for a first time!!!