Apparently the stinky mass in Little Egg Harbor's lagoon was not some rotting carcass or a mass of sewage, it was just algae or vegetative waste. With the blob at about 8-feet by 10-feet and smelling like rotten egg (and it's Little Egg! ha!), the NJ township called in the state's Department of Environmental Protection to remove it, and the Times detailed the team's efforts, including one intrepid man's lassoing of the blob.
Gothamist guesses that the town ruled out the possibility it was a rotting whale carcass, the way it was in South America.