Red Render Bar Full project after opening team project.

Hey all, 

Upon opening a team project,  all of the Rendered Preview Files are gone and its a red bar across the entire timeline.

I have went to FILE -> TEAM PROJECT SETTINGS -> SCRATCH DISKS and made sure that it is pulling from the appropriate place. 

It is not sustainable to have to re-render each time opening the project as that would take hours. 

Advice? Thanks

[Moderator note: moved to best forum.]