Did my 727 just die on me?

FredS said
take a pic of the side of the valve body where the shifter linkage hooks up, there are 2 springs in the very corner behind a plate. The bigger spring is the Pressure Regulator spring. See what color it is, and how far adjusted in it is. Stock, would be approximately 1/4 gap on that adjuster and the outer bracket.
That looks like a flex red band. So it broke the whole end off of it,where a row of rivets were. Count how many rivets are on either end.
Go to a 10 rivet semi rigid. Borg Warner B22022A at WIT, Transtar will be same number, a variation of letters.

FredS said
how do the rest of the clutches look. You might get away with just the band needing replaced.

Here is the valve body.

Thanks for the info on the new band. I dont have it fully torn down, just the case gutted. I had a ton of metal shavings and gunk in the filter so its getting a whole rebuild.