Pump not starting

I have a Pentair two speed pump that is about 5 years old. Lately, I noticed that it was not able to stay primed. What I mean is that when the pump turns off everyday, the water from the pump and the filter drains out and when it starts again the next day it pulls all that water and causes quite a significant amount of bubbling in the pool. I also have it running in such a way that it runs at high speed for about 4 hours and then switch to low speed for 4 hours. I had the timer set in such a way that there is a 4 minute downtime between the two modes. Two days ago, I noticed that the pump failed to prime while trying to run in low speed mode and kept turning on and turning off and I could smell something burning. I turned it off and turned it back on yesterday and eliminated the 4 minute gap and it ran fine in both modes all day. This morning I noticed it did not turn on via timer and saw the breaker tripped. I reset the breaker and tried to turn it on and it made a weird sound and did not start. I noticed the breaker tripped again. Is it time for me replace the pump?
 
Check for air leaks in the suction side - especially the o-ring on the pump basket cover. Make sure the o-ring is clean and the cover is tight.
 
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