I found a solution. In my case a coworker was working in the project and something happened i guess where it saved the project locally then the next day when we went to go into the project the media would not connect on the local or team project. We tried everything you can imagine to batch reconnect files and as you guys are experiencing, nothing worked. Solution... In the local project. Highlight all media in all sequences and right click and press offline. I know that they are already offline but just to make sure it is important that they are. Then make a brand new project and click and drag just the sequences you want to carry over. Because the media is offline this should only take a couple minutes to perform the transfer (If I do have all the media linked premiere will stop responding trying to copy it all over, and only responds again after an hour or so). Then in the new project, the sequences will bring all related media with it. Since our project was already picture locked that was fine for us. I have not tested dragging the media over independently from the sequence but I think it would still work. I guess the corrupted file paths are reset or something because the link media feature will now work. From there you can go Edit>Team Project>convert to team project and you are back in business. I also tried one more step before doing this that might have contributed to it's success. one of those "I tried a lot of things and I'm not sure what it was that helped". If this doesn't work alone. Reply to this and I will add that part.
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