Even at default FOV, I'm experiencing massive screen tearing in this game. There aren't many settings in the game to adjust so I'm wondering if anyone else has this problem too.

I've never seen FOV affecting tearing, tearing occur if you don't use VSync. If VSync is on and it doesn't work, try this nifty little application: RivaTuner

Install it, go into installation folder, then tools and then d3doverrider. That application can actually force VSync and Triple Buffering unlike Control Panels for graphics cards (nvidia or amd), at least in my experience.

Activate Vsync in game options, i had the same problem. The option is not visible byf default you have to scroll on graphics options...