stoomart said:
Correct me if I'm wrong, but my understanding is a black hole requires a/m < 1
More precisely, for a Kerr solution to be a black hole requires ##a / m \le 1##. Yes, that's correct. If ##a / m > 1##, the solution describes a naked singularity.
stoomart said:
so if the ratio is much higher than 1, the object may collapse to degenerate matter or a naked singularity.
First, we do not know of any exact solution for a rotating object like a planet or star (whereas we do have exact solutions that describe a non-rotating, perfectly spherical planet or star). Nor do we have an exact solution describing a rotating object that collapses to a Kerr solution for any value of ##a / m## (whereas we have an exact solution, the Oppenheimer-Snyder model, that describes the collapse of a perfectly spherical object to a Schwarzschild black hole). We can only simulate such a collapse numerically.
Second, "collapse to degenerate matter" is not really "collapse" in the sense you're using the term. If the process stops with a rotating white dwarf or neutron star, then there is no singularity or horizon anywhere, so there's no issue.
Third, while the ##a / m > 1## Kerr solution, describing a naked singularity, is mathematically consistent, AFAIK nobody believes it is physically reasonable. A naked singularity basically destroys the predictability of the solution--anything could come out of it. So I would not expect "collapse to a naked singularity" to be physically reasonable either.
Finally, although, as I said above, we do not have any exact solutions describing a rotating planet or star, all known rotating objects have ##a / m < 1## by a large margin. And it's straightforward to show that you cannot convert a Kerr solution with ##a / m < 1## to a Kerr solution with ##a / m > 1## by any continuous process (heuristically, the reason is that to increase ##a / m## you have to add more angular momentum to the object than you add mass, and the closer ##a / m## gets to 1 from below, the harder it gets to do this--you end up always adding more mass than you are trying to add because of the way spacetime curves close to the Kerr black hole's horizon). I don't know if anyone has tried to study a similar restriction on ordinary rotating objects, but I would expect there to be one--in other words, I would expect that it is impossible for any collapse process to convert a rotating object with ##a / m < 1## to a Kerr solution with ##a / m > 1##.