A continuously variable transmission (CVT) includes an input member, an output member, a variator assembly having a primary variator pulley operable for receiving an input torque via the input member, a secondary variator pulley operable for transmitting an output torque via the output member, and an endless rotatable drive element in frictional engagement with the primary and secondary variator pulleys, first and second speed sensors operable for measuring a respective rotational speed of the primary and secondary variator pulleys, and a controller. The controller executes a method to detect gross slip of the endless rotatable drive element with respect to the primary and secondary variator pulleys using the measured rotational speeds, and in response to the detected gross slip, to request a reduction in the input torque by a calculated amount over a calibrated duration until a level of the detected gross slip reaches a calibrated slip level.