Before doing anything, roll that bearing around in your finger and see if it still smooth.
It’s obviously falling out of its pocket, so all that slop is probably just from that lower column sleeve/bearing retainer thingy having slid down the shaft.
You can see the nut clamping it to the shaft. Loosen that if you need to, then slide it all back up in the pocket.
Hopefully the pocket itself isn’t damaged and it will slide back into place.
The problem with the 74 steering column is that you never know what parts were used. 74 and 75 were a crapshoot mix of parts, but 74 was by far the worst. I’ve had so many customers called to say that the 74 either had the early, the late, or a mix of early and late parts installed from the factory.
Luckily, in the case of your friends column, it looks clearly like it was the late model bearing. But it’s still using the early style clamp retainer, so I’m wondering if it needs that second part.
Maybe that old part just broke out because it was just plastic. Or maybe it doesn’t use it. I’m not sure, so if you do buy parts, it usually means you need to buy both.
I’m just not familiar enough with all the year columns to know for sure. Hopefully somebody else does.