This is one of those situations where the cause matters more than what it looks like right now. What happened is almost certainly groundwater pressure lifting the liner, not anything you did wrong with the pool water itself.
The most important thing is what you don’t do next. Don’t drain the pool further on your own hoping it will “pull the liner back down.” When the water table is high, lowering the pool water actually makes the liner float more, and that’s how liners stretch or tear beyond recovery.
If the storm just passed and the ground is still saturated, sometimes the liner will relax partway once the groundwater drops, especially if the vinyl is warm and flexible. Light ripples can soften out, but deep wrinkles usually need help. The longer they sit, the more they set into the vinyl.
What usually saves these liners is lowering the pressure under the pool, not inside it. If there’s a sump line, hydrostatic relief, or nearby area where groundwater can be pumped down, that’s the first move. After that, a liner company can reset it using vacuums and controlled water removal. That process is very different from a full drain and is often successful if done early.
Bottom line, this doesn’t automatically mean replacement, but timing matters. Keep the pool full, wait for the ground to dry if possible, and get a pro involved sooner rather than later. Acting cautiously now gives you the best chance of flattening it back out instead of living with permanent wrinkles.