David,

Can you take closer photographs of the wound on the tree? This injury looks very significant. 

Best,

Shane

David,

Unfortunately, I am not seeing any evidence of "healing" on the tree's part, which tells me decay is running wild. There is also evidence of insect galleries near the base of the trunk. 

Given the extensive loss of the bark and living layers (phloem, cambium) around the trunk, this is an enormous stress on the tree. It would be like us losing a lung and being forced to run a marathon.

Trees can certainly suffer through these injuries---potentially for years. In my experience, there is no treatment which can significantly change this tree's prognosis. Tree sealers or paints are not considered effective for helping trees seal off wounds.

I would consult a certified arborist for discussions about the future of the tree. They would be best equipped to make a final determination. UMN Extension has a good page about what to expect and look for when working with tree care professionals.

Best,

Shane