No. He's on an island with a T-rex. Actually, they've hinted that he might've been killed, but I'm pretty sure he'll get better. Although, did anyone notice at the quick shot of the 'wake' the guy that shot his gun into the air, and the other guy getting struck by the bullet a second later? tee hee.

Im sure it was George Sr.'s way of getting the assistant to leave him alone.(kitty)

Even though they've given Oscar a much more prominent role this season, I don't think George Sr. is dead yet. They're probably just doing this so Jeffrey Tambor doesn't have to play dual roles so often. Also, so they don't have to have the characters go to Mexico every episode.