I assume this has not happened to you, yet. If both engines are at idle and you are still accelerating, it is likely to be in ever widening circles, or competing for the Guiness record for continuous rolls.
Getting the a/c under control is No.1. Remove the problem = shutdown the bad engine. You ask for a checklist. QRH unannunciated self survival comes to mind. But for the TRE, as you mention > red line limits = severe damage.