DO i HAVE TO GO FOR A COMPLETE ENGINE REBUILD TO CORRECT THIS?
No. You need to go for a complete new engine. A busted rod will trash a cylinder.
Provide some explanation and perhaps there’ll be other options available.
Usually it is best to go with a complete replacement engine whether it be a used bone yard, a rebuilt, a remanufactured, or a factory crate engine. Depending on the mileage and wear you might be able to get away without rebuilding the top end. Usually a free connecting rod does so much damage to the lower end that a replacement short block is in order. If this engine has an overhead cam(s), the oil pressure drop may have done significant wear damage to the upper end. By the time you disassemble the old engine replace the broken and destroyed parts; inspect the remaining parts; machine and refit the worn parts; and reassemble, it might be more cost effective to go with a complete long block.