While I do now have a CS degree, I was hired into a big tech company prior to having that degree based on my work in open-source. I'd been (and still am) an active contributor to some large web projects for a few years, prior to this company reaching out to hire me (projects were unrelated to what they do, FWIW).

I did then get my degree in my spare time while at that job, with my salary covering the costs of tuition, which was very nice. I see my degree as a backup, if for any reason an employer has a strict requirement for it or if I leave this field -- I expect my experience to be what gets me jobs as it stands today.