Now this just may be the tip of a lifetime....NOT
I did this look for my nephew and it killed the spot!
He was asked numerous times how did he get his shirt looking so beat the hell, yet without the "about to fall apart look"
I took some battery acid from my cars battery and strategically placed it around the collar, a few strategic spots, the sleeve edges, and the bottom hem. Let it stand for a few hours (probably didn't need that much time) and put it in the washing machine.
After a few washings, the edges fell apart with a nice grudge, homeless, don't take a bath look

Cool part, it continued to fray for a few more washing, enhancing the look.
You probably could use something more aggressive, but for this experiment good olé battery acid worked just fine. You could probably shoot a battery and get to the guts, which is were the real aggressive acid is.
Yeap... battery acid! If it was good enough to ruin clothes I didn't want messed up, I was sure it would work for intentional purposes.
Hope that idea helps a few people achieve this look.....don't forget to add labor to the cost of the tee
When they fly off the hangers and shelves think of me
Jae'