We study the dissipative dynamics of a fermionic superfluid in presence of two-body losses. We use a variational approach for the Lindblad dynamics and obtain dynamical equations for Anderson's pseudo-spins where dissipation enters as a complex pairing interaction as well as effective, densitydependent, single particle losses which break the conservation of the pseudo-spin norm. We show that this latter has key consequences on the dynamical behavior of the system. In the case of a sudden switching of the two-body losses we show that the superfluid order parameter decays much faster than then particle density at short times and eventually slows-down, setting into a power-law decay at longer time scales driven by the depletion of the system. We then consider a quench of pairing interaction, leading to coherent oscillations in the unitary case, followed by the switching of the dissipation. We show that losses wash away the dynamical BCS synchronization by introducing not only damping but also a renormalization of the frequency of coherent oscillations, which depends strongly from the rate of two-body losses.