What is a 'Turn and Burn'?
I have a video recorded in which the announcer says "Turn and Burn". I'm still trying to figure out if there is a way for me to link said video from my fileshare, so bear with me there.
As for my analysis, I believe that it means: You are about to lose. This is somewhat supported by the origin of the phrase, as others have pointed out.
In the circumstances within my video, all members of my team hear the announcement, and my team is losing. The game type was Dominion. Immediately after the "Turn and Burn" announcement the announcer says "The Enemy has almost won". There is a slight delay, but as I listen to it (over and over) it sounds intended to be one phrase: "Turn and Burn... the Enemy has almost won." When I switch perspectives to enemy team members, I also noticed that they do not hear the announcement. I believe all of this supports my hypothesis that this is a "You are about to lose" announcement.