  We present studies of the photoexcited quasiparticle dynamics in
Tl$_{2}$Ba$_{2}$Ca$_{2}$Cu$_{3}$O$_{y}$ (Tl-2223) using femtosecond optical
techniques. Deep into the superconducting state (below 40 K), a dramatic change
occurs in the temporal dynamics associated with photoexcited quasiparticles
rejoining the condensate. This is suggestive of entry into a coexistence phase
which, as our analysis reveals, opens a gap in the density of states (in
addition to the superconducting gap), and furthermore, competes with
superconductivity resulting in a depression of the superconducting gap.
