ERROR - Matrix Cannot Be Inverted - Adobe Premiere 2024

Hey folks,

I recently updated to Premiere 2024 and revisited a project I was working on before the update. I was made to duplicate the project for the 2024 version. Now when I try and add footage to new sequences, I keep getting an error that reads "Matrix cannot be inverted". The footage does not become visible in the preview, but I am getting audio through.

My workflow has not changed and I have already cleared my media cache and preferences. That did not work. Does anybody have any ideas/fixes for me?

Thank you!