There's a few things that make me go hmmmmm as far as algae is concerned. I guess another critter we could throw into the mix of guesses is a bryozoan.... a Hallopora bryozoa.
The borders are very serrated, which reminds me of a Corhiza scotiae. You can see tiny stands coming off the main stolon.... the "fuzz", if you will....
Several of the ends have strands on them... sort of reminds me of a hydroid polyp, which typical "crack off". I've included a drawing of a polyp, so you can perhaps tell a little bit what I'm looking at there.
This strand here... that's exactly what my hydroids looked like... exactly. I actually can't find the pictures of mine, but I put a picture below yours of another Reef2Reef member that had them.
This is Keith A Daniels picture....
This pic you can again see little "hairs" (red arrows) and you can see there's a center stalk with attachments (blue).
It's hard to tell without getting in there and touching it for ourselves and seeing what it looks like in person, but those are the reasons I was hesitant on algae.