How to tell if carpet is destroyed after a flood?
The "usual" flood involves dirty water, either exterior or sewage. There, I'd agree that the carpet is toast.

Where you have basically rinsed the carpet for 16 hours with clean potable water, I think you have an excellent chance of drying it out and being fine. If the outside faucet pipe froze, you are presumably heating, which means the air inside will be dry, on the whole. Add in a lot of fans and dehumidifiers, and it might well dry out fine. You are describing a one-time event, not a leaky basement that's wet all the time.

On the third hand, carpet is relatively inexpensive. And on the fourth hand, will insurance be involved? They might have an opinion, if so.