The steering wheel is extremely loose. I believe it has broken parts within the top part of the steering column near the steering wheel.
A loose steering wheel is unfortunately somewhat of a common problem in this generation of Ford F-150’s. You are correct to suspect there are broken parts inside. The bearings inside the steering column can fail due to the grease inside drying up. As it dries up over time, this will eventually make the steering wheel feel loose, causing it to wobble around. With the symptoms you are describing with your truck, I would suspect that likely the entire steering column will need to be replaced because the bearing in the driveshaft is not serviceable. This is a repair that is best left to a certified mechanic who knows the situation well and who can service your wheel to get you safely back on the road.
Have a car question? Get free advice from our top-rated mechanics.