A diagnosis of a labral tear doesn't signal the end of a baseball career or even necessarily a need for surgery. In fact, there is wide range of severity of labral tears.
The team orthpedic guy of a MLB team told me that his team does a shoulder and elbow MRI for every incoming pitcher, so they examine players who show no external symptoms of a tear, as well as players who do. He says that "100%" of incoming pitchers have a labral tear and some amount of tearing or scarring of the UCL.
So some pitchers have labral tears, but it causes them no problems, and no treatment at all is indicated.
Other players may benefit from PT, which basically amounts to strengthening the muscles of the shoulder capsule, and that provides support to the joint.
Another group doesn't benefit from PT, but does benefit from changing their throwing mechanics to put less stress on the shoulder.
Some benefit from a combination of PT and mechanics changes.
Still others (typically those with more severe tears) need surgery.
And few simply need (in the words of a different team ortho guy) to "get a girlfriend." In other words, find an interest different than baseball.
So, do you have a tear? If so, which of the above possibilities apply to you? There's no way for posters here to be able to tell you. Follow CPLZ's advice and see a specialist. If at all possible, find your way to a sports (preferably baseball oriented) orthopedic doctor. Such a doctor has a better chance of recognizing a problem with your mechanics, just from the nature of your symptoms.