This started happening after updated the software this week. Anybody know what's going on here?
it gets to this point before crashing. This has happened on 3 of our team computers.
The crashing is separate from the message about the older client. That's a warning saying other people on your team are using an older version of Premiere. As soon as you push edits to the cloud those team members won't be able to open the Team Project. It sounds like your coworkers need to upgrade from 12.0 to 12.1.
Have them update, push some changes, then see if you still get a crash.